The Fed delivers its first decision under new Chair Warsh tonight, with a hold near certain (3.50 to 3.75%, about 97% odds). The real focus is the dot plot, where markets fear the last projected cut gets erased and the easing cycle ends. Backdrop: May CPI, released last week, rose to 4.2%, above 4% for the first time in three years, though mostly energy driven with core up just 0.2%. For Singapore investors: if higher for longer sticks, can rate-sensitive S-REITs hold up?

The Fed delivers its first decision under new Chair Warsh tonight, with a hold near certain (3.50 to 3.75%, about 97% odds). The real focus is the dot plot, where markets fear the last projected cut gets erased and the easing cycle ends. Backdrop: May CPI, released last week, rose to 4.2%, above 4% for the first time in three years, though mostly energy driven with core up just 0.2%. For Singapore investors: if higher for longer sticks, can rate-sensitive S-REITs hold up?

Warsh's First Call: SG REITs On Edge！

The new chairman held his first meetingEveryone thought the tone would remain accommodativeBut the first thing he emphasized was&#34;Stabilizing prices&#34;The market instantly understoodThis term is not following the previous scriptAll those betting on &#34;continued easing&#34;Were collectively dumbfounded today