Events that happen in the United States may seem far away and disconnected from our daily lives. However while the average Singaporean can safely ignore President Obama’s State of the Union Address to Congress on 20 January 2015, they should pay some attention to the Chair of the Federal Reserve, Janet Yellen. This might appear counterintuitive given that Obama is the most powerful person on Earth and has more media exposure. However this article will show why we should pay more attention the Federal Open Market Committee, more commonly referred to FOMC. The FOMC is the main monetary policymaking body in the Federal Reserve (also known as Fed) and it is chaired by Yellen. The FOMC controls the Federal Fund Rate and it is closely linked to the Singapore Interbank Offer Rate (SIBOR). For most Singaporeans, their home mortgage rates are floating rates after the fixed rates period expire and ......