Iggy’s Journal: Economists Expected a Third Tightening. MAS Held the Slope. What Changes for Your T-Bills, SSBs and S-REITs

Wed 14 Oct 2026 | Midday

The Numbers

MAS held the slope of its policy band on 14 October, with no change to the width or the centre, pausing after two straight tightenings (MAS statement; Business Times). All ten economists in a Reuters poll had expected another tightening, per CNA.

The six-month T-bill cut-off was 1.90% at the 8 October auction, per Beansprout. The November SSB pays 1.67% in year one and averages 2.45% a year over ten years if held, per Little Big Red Dot.

My Personal Take

S$10,000 in the November SSB earns about S$167 in year one at 1.67%, against about S$245 a year at the 2.45% ten-year average, so the first year pays about 68% of the average. The 1.90% T-bill cut-off is 23 basis points above the first-year rate and 55 basis points below the average. The three rates cover different holding periods: six months, one year and ten years. The article sets out which one applies when, and the two questions I ask of any S-REIT on results day.

This Angela-based article is free to read on Substack and Longbridge, published in conjunction with my feature in Longbridge Bridgers’ Stories EP02.

https://longbridge.com/en/topics/100000000930911?channel=OWSN00030

📺 YouTube: https://youtu.be/jI0FpxvwsgI

📩 Substack: https://investingiguana.com/p/economists-expected-a-third-tightening

PS: The full article will be up soon on LB too. 

Not financial advice. Iggy’s Forensic Compliance Standards apply.