THE MGS market experienced a strong rally in the past two weeks after the OPR cut on Nov 24, fuelled by expectation of further rate cuts as the November Monitory Policy Committee (MPC) statement points to heightened downside risks to growth and receding inflation threats.
Prior to the November MPC, we predicted the possibility of short-end of the curve converging with the overnight policy rate (OPR), driven by rate-cut expectations, and subsequently driving the whole curve down.
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