You work as an equity analyst for a Singapore stockbroking firm. Your firm's economist team recently published a global economic outlook for the coming year. Key points in their Report are:

• The inflation challenge varies across economies. For example, consumer price inflation has remained low in China even though producer price inflation has been rising. Central banks in Europe and Japan still see the recent pick-up in inflation as transitory, while inflation seems to be more of a challenge in the US. Overall, headline inflation worldwide is likely to come off the highs of 2022, but the undercurrent of firmer inflation could continue.

• However, given the strong recovery momentum and some supply-side and labor market distortions, core inflation could remain above the Federal Reserve's (Fed) target of 2% for much of 2023. Rising inflation could pressure the Fed to continue raising interest rates until the end of 2023.

• Due to inflationary pressures, Singapore's economic growth has been revised to 2 to 3% for 2023. The economy has recovered strongly from the covid-19 pandemic, with GDP growth of 7.6% in 2021. Projected growth for Singapore is 3-5% range for 2022.

Using the information provided, appraise the outlook for interest rates in Singapore for the coming year.