The Ground Vibe
If you are at the Toa Payoh HDB Hub today, the vibe is not about the broader market rally — it is entirely about the bill. The kopitiam talk is muted. Retail investors are watching the tape with a heavy sense of caution. They see an index sitting just below a major psychological threshold. But beneath that calm surface, the Private Credit Gating Crisis remains an active, bleeding thesis on our operational log. It changes how we price everyday risk and how we value baseline liquidity.
