And I don’t like what I’m seeing. 10-year bond yields rocket past 5% again. 30-year bond yields hit its highest level since 2007. What struck me last night was how investors are now expecting another interest rate hike in the Federal Reserve’s October meeting. In fact, the chance of another rate hike when the Federal Open Market Committee meets again at the end of October jumped to 73%. In my earlier email on talking about Fed hiking rates – Singapore REITs – things might get ugly, I said: “Previously, in the April 2026 meeting, the Fed committee saw a massive internal division where only four governors dissented in favor of tighter policy. This marked the highest number of dissents at a single meeting since 1992.” That sudden shift in a unanimous vote made me sit up. The funny thing is, I would have expected stocks to have dropped more than they should have this week. But it...