This is my first passive income update for 2023. I will talk a bit about what has happened in the fixed income space first. As expected, the latest 6 months T-bill auction closed with a higher cut-off yield of 3.85% per annum compared to the previous issuance which had a "shockingly low" cut-off yield of 3.65%. A couple of weeks ago, I produced a video which shared my thoughts on what a further interest rate hike by the Fed would mean for certain assets. You can watch or listen to it here: The latest Singapore Savings Bonds offer which closed on Wednesday was oversubscribed. A higher 10 year average yield of 3.15% per annum attracted Mr. Market's attention, no doubt. 3% per annum 10 year average yield, I believe, is the threshold to watch. The Singapore Savings Bonds which were undersubscribed earlier in the year offered lower 10 year average yields of 2.97% and 2.9%. As long as the 10 year average yield is above 3% per annum,...