The World Cup kicked off this week. I’m not a football fan, but it is hard not to notice the excitement building. There is more merchandise in stores, and more conversations are starting to turn towards which team everyone is supporting. Thankfully, the World Cup did not stop many of you from joining us at our event this week. One of the topics we spent quite a bit of time on was how quickly interest rate expectations have shifted. In some ways, it reminded me of how quickly the score in a football match can change. One moment, markets were expecting rate cuts. The next, stronger inflation and jobs data made investors rethink that view. We are seeing this in Singapore too. The yield on the 6-month Singapore T-bill recently jumped to its highest level this year. So we looked at what this could mean for the upcoming T-bill auction...