Singapore Averts Recession; Monetary Authority Raises Currency Band

Singapore's economy averted a recession, with gross domestic product rising 1.5% from the previous quarter. On a year-on-year basis, the economy expanded 4.4% after a revised 4.5% growth in the previous quarter. And the central bank tightened monetary policy settings to keep fighting inflation. The Monetary Authority of Singapore, which uses the exchange rate of the local dollar as its main policy tool, re-centered the midpoint of the currency's policy band up to its prevailing level. Shery Ahn and Haidi Stroud-Watts report on Bloomberg Television.