103 pages this year, compared to last year’s 91 pages. The Financial Stability Review is out again and I have not read it all yet.

And it is another stern note as usual with the opening theme being “Global Financial Vulnerabilities Remain Amid Policy Uncertainties”.

It was pointed out to me today that the 1 year SOR has spiked up 0.125% to 0.475% from 0.35% just 2 months ago. That is a something that does not happen often in the world that we live in and the US 1 year rate is still at 0.34% today and rate manipulation is a thing of the past.

financial vulnerabilities

Well, it is definitely because of this chart, the 6M SOR fixing.

financial vulnerabilities

And Libor is not moving.

financial vulnerabilities

This means that MAS is right at last!

Dec. 3 (Bloomberg) — Singapore’s central bank warned that rising …