In an effort to stem the economic and financial impacts of the coronavirus, the U.S. Federal Reserve announced that it would reduce its target interest rate by one-half percentage point, to 1-1.25 percent. While it was always a possibility that the Fed would react by lowering rates, the announcement came as a surprise to some. What does it mean for individuals in Singapore?
Why Is It Relevant to Homeowners?If you've grown tired or cynical of news surrounding the coronavirus and its economic impact, you might be wondering if this news will even impact you. In fact, the Fed's announcement is highly relevant to consumers in Singapore, because interest rates in the country (i.e. SIBOR, SOR) are historically closely correlated with the U.S. Fed's rates. This means that everything from your fixed deposit account to your home loan may be impacted by the announcement. Clearly,
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