Singapore REITs fell after the Fed turned hawkish. We assess what is the impact, which REIT subsectors stand out, and what income investors should watch. What happened? Singapore REITs are under pressure again. Following the latest US Federal Reserve meeting, the Straits Times Index gained about 0.7%, while the FTSE ST All-Share REIT Index fell about 1.8%, reflecting the sector’s sensitivity to higher-for-longer interest rate expectations. The Fed kept interest rates unchanged at 3.50% to 3.75%, which was widely expected by investors. However, the bigger surprise came from the Fed’s more hawkish projections, with officials raising their inflation forecasts and signalling that interest rates may stay elevated for longer. This follows earlier concerns we highlighted when the Fed warned that inflation could rise, and when we looked at how the Iran conflict could push oil prices and bond yields higher. We also recently shared that investors were no longer just debating the timing of rate cuts, but whether the Fed may need to raise rates again....