0523 GMT - USD/SGD edges higher in the afternoon Asian session, aided by a Fed official's hawkish remarks overnight. Atlanta Fed President Bostic warned that monetary policy has been less effective in slowing growth than in prior cycles and rates have to be kept higher for longer to curb inflation, Maybank analysts say in an FX Research & Strategy note. Fed fund futures now imply 35bps worth of rate cuts by year-end, the analysts add. Higher for longer U.S. rates could sustain the allure of U.S. fixed-income assets and demand for the greenback. USD/SGD is up 0.1% at 1.3523. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 24, 2024 01:23 ET (05:23 GMT)
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