In an interesting comparison, Singapore Bond Yields precede the TLT (blue line) slightly, especially in the recent year. See the elllipses marking out the break points, and SG Bond Yields are leading. Noted that the SG Bond Yield has been strongly downtrending, ahead of the TLT bullishess (inversely indicative of the US Bond Yields).
I think it signals the undercurrents that something is not as rosy as it appears. The SG bond Yields are telling...