The one-liner: No change, but still on the hawkish side โ the SGD keeps grinding stronger to pre-empt inflation, with clearer relief expected from mid-2027. ๐ What did MAS do? Policy on hold: The rate of appreciation of the S$NEER policy band is unchanged โ no change to the band's width or centre. Context: In July, MAS had nudged the pace of appreciation up "very slightly"; this round, it's staying patient. Where the SGD sits: The S$NEER has strengthened modestly, trading in the upper half of the appreciating band. ๐ Growth: The AI engine is still humming Q3 GDP: +5.4% y-o-y, +1.1% q-o-q seasonally adjusted (a touch slower than Q2). Tech-related sectors are the star โ global AI investment is powering regional industrial production and trade, with strong orders and expanding capacity. Const