US Treasuries (USTs) rallied in January, with the 10-year UST yield ending the month at 1.64% which was 53 basis points (bps) lower than end-December. In January, the Monetary Authority of Singapore (MAS) reduced the slope of the SGD NEER policy band to slow the appreciation of the currency. At the same time, India’s central bank cut key interest rate by quarter point to 7.75%.