MAS expected to ease policy in April as inflation cools

It anticipates the central bank will reduce the slope of the S$NEER and also lower the midpoint of its policy band.

The Monetary Authority of Singapore (MAS) is expected to ease its monetary policy at the upcoming April meeting, according to Moody’s Analytics.

Singapore’s core inflation dropped to 0.6% YoY in February, slowing down from 0.8% in January. This marks the lowest level since March 2021 and puts inflation well within the central bank’s soft target of below 2%.

With inflation cooling, MAS now has room to adjust policy settings to support the economy. Moody’s Analytics anticipates the central bank will reduce the slope of the Singapore dollar nominal effective exchange rate (S$NEER) and may also lower the midpoint of its policy band.

Eugene Tan, Associate Economist at Moody’s Analytics, said the shift would be aimed at addressing growing risks from global trade tensions.

“The low inflation allows the MAS to ease monetary policy settings and counteract external headwinds stemming from rising global trade tensions,” he said.

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