A recent jump in inflation has sent many central banks into a tizzy. Inflation itself isn’t a bad thing, but governments are worried about runaway inflation hampering consumer spending just when the global economy is on the mend. Interest rates are a blunt tool employed by central banks to tame the spectre of inflation. The US Federal Reserve chairman Jerome Powell is still seeking to keep interest rates low for now but has announced that it will start reducing monthly bond purchases till it reaches zero net additions by the middle of next year. In short, the amount of money sloshing around in the economy will be greatly reduced. Many pundits believe that the Federal Reserve may start raising rates around the same time that it ceases to taper, and Singapore’s domestic interest rates may follow that same trajectory. Investors are watching these developments closely as the level of interest rates can affect different industries to various extents....