The 20-year Treasury yield at 5.42% is the part I am watching most closely. Even if the Fed delivers the expected hike, the bigger question for me is how long yields stay elevated. Higher long-term yields can keep pressure on growth and tech valuations, so I would rather stay patient than chase a relief rally.

For Singapore, I am also watching the banks closely. $DBS(D05.SG), $OCBC Bank(O39.SG) and $UOB(U11.SG) have held up relatively well, but the Fed decision could quickly shift expectations on rates and fund flows. For me, the key is not the headline hike itself, but whether the Fed signals a slower or faster path from here.