NAC Weekly No. 11: The Fed Gets a New Chair as US Inflation Hits 3.8%

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NAC Weekly

01Lạm phát lên 3,8%, Thượng viện phê chuẩn Chủ tịch Fed mới
02Hợp đồng mua BĐS tháng 4 tăng 15%, lên 1.611
03Dubai cấp hơn 100.000 thẻ cư trú cho gia đình nhà đầu tư BĐS
04Kinh tế quý I tăng 0,6%, nhanh gấp 3 quý trước
05Kinh tế quý I tăng 5,4%, chậm lại từ 6,2%

Tuần lễ11–17/52026 · 11

Lạm phát Mỹ, tháng 43,8%▲ giá tăng 0,6% so với tháng 3Lãi suất Fed (mức trần)3,75%● giữ nguyên ngày 29/4Tỷ giá trung tâm25.126 đồng/USD▲ 3 đồng ngày 15/5Hợp đồng mua BĐS ở Síp, tháng 41.611▲ 15% so với cùng kỳGDP Anh, quý I0,6%▲ từ 0,2% quý IV/2025GDP Malaysia, quý I5,4%▼ từ 6,2% quý IV/2025Lạm phát Mỹ, tháng 43,8%▲ giá tăng 0,6% so với tháng 3Lãi suất Fed (mức trần)3,75%● giữ nguyên ngày 29/4Tỷ giá trung tâm25.126 đồng/USD▲ 3 đồng ngày 15/5Hợp đồng mua BĐS ở Síp, tháng 41.611▲ 15% so với cùng kỳGDP Anh, quý I0,6%▲ từ 0,2% quý IV/2025GDP Malaysia, quý I5,4%▼ từ 6,2% quý IV/2025

US inflation, April3.8%▲ prices up 0.6% on MarchFed funds (upper bound)3.75%● held on 29 AprVND central rate25,126 per USD▲ 3 dong on 15 MayCyprus property sales, April1,611▲ 15% year on yearUK GDP, Q10.6%▲ from 0.2% in Q4 2025Malaysia GDP, Q15.4%▼ from 6.2% in Q4 2025US inflation, April3.8%▲ prices up 0.6% on MarchFed funds (upper bound)3.75%● held on 29 AprVND central rate25,126 per USD▲ 3 dong on 15 MayCyprus property sales, April1,611▲ 15% year on yearUK GDP, Q10.6%▲ from 0.2% in Q4 2025Malaysia GDP, Q15.4%▼ from 6.2% in Q4 2025

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Contents

NAC Weekly No. 11: The Fed Gets a New Chair as US Inflation Hits 3.8%

US inflation hits 3.8% as the Senate confirms Kevin Warsh to lead the Fed, and Cyprus property sales rise 15% in April. Five stories from the week.

US consumer prices rose 3.8% on a year earlier in April, driven mainly by fuel, and a day later the Senate confirmed Kevin Warsh as chair of the Fed. In the markets NAC follows, Cyprus signed 1,611 property sales contracts in April, up 15%, the UK economy grew 0.6% in the first quarter and Malaysia 5.4%. Dubai said it has issued more than 100,000 residence permits to the families of property investors.

Market pulse, week of 11–17/5/2026

US inflation, April3.8%▲ prices up 0.6% on MarchBLS, 12 May

Fed funds (upper bound)3.75%● held on 29 AprSix cuts since Sep 2024

VND central rate25,126 per USD▲ 3 dong on 15 MayState Bank of Vietnam

Cyprus property sales, April1,611▲ 15% year on yearDepartment of Lands and Surveys

UK GDP, Q10.6%▲ from 0.2% in Q4 2025ONS, 14 May

Malaysia GDP, Q15.4%▼ from 6.2% in Q4 2025DOSM, 15 May

Source: BLS (12 May); Fed; State Bank of Vietnam via Doanh nghiệp Hội nhập (15 May); Department of Lands and Surveys via Cyprus Mail (12 May); ONS (14 May); DOSM (15 May)

Signals this week

Prices and dealsMoney and ratesRules and process

🇺🇸 USDPrices and deals—Money and ratesInflation 3.8%, new Fed chairRules and process—

🇨🇾 CyprusPrices and dealsProperty sales up 15%Money and rates—Rules and process—

🇦🇪 DubaiPrices and dealsNo new price dataMoney and rates—Rules and process100,000+ permits for investors' families

🇬🇧 UKPrices and dealsNo new price dataMoney and ratesQ1 GDP up 0.6%Rules and process—

🇲🇾 MalaysiaPrices and deals—Money and ratesGrowth slows to 5.4%Rules and process—

🇻🇳 VietnamPrices and deals—Money and ratesDong steady near 25,126Rules and process—

▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇺🇸 United States · Inflation hits 3.8% as the Senate confirms a new Fed chair

On 12 May the Bureau of Labor Statistics reported that consumer prices rose 0.6% in April and 3.8% on a year earlier. Energy was up 17.9% over the year and petrol 28.4%, while core inflation was just 2.8%. On 13 May the Senate confirmed Kevin Warsh as Fed chair by 54 votes to 45, to succeed Jerome Powell.

For Vietnamese investors: the Fed's target range stands at 3.50–3.75%. Selma Hepp, chief economist at Cotality, said a Warsh-led Fed could be modestly more dovish, but mortgage rates may stay volatile. With inflation at 3.8%, families planning to borrow in dollar-pegged markets such as Dubai and Panama should not count on a quick fall in rates.

🇨🇾 Cyprus · April property sales up 15% to 1,611

Department of Lands and Surveys figures, reported by Cyprus Mail on 12 May, show 1,611 property sales contracts in April, up 15% from 1,404 a year earlier. Foreign buyers signed 649 of them, or 40.3%. Paphos led with a 41% rise, followed by Larnaca at 21%. Over the first four months, sales reached 6,320, up 14%.

For Vietnamese investors: with foreign buyers behind nearly two in five sales, international demand is holding up. Per NAC's listing data, Pearl Park in Paphos starts at €230,000, with an estimated gross yield of 5.5% and handover expected in Q4 2026. Limassol Blu Marine is ready to move into, from €748,000. Residence rules are in NAC's Cyprus programme guide.

🇦🇪 UAE · Dubai has issued more than 100,000 permits to property investors' families

Marking the International Day of Families on 15 May, Dubai's General Directorate of Identity and Foreigners Affairs (GDRFA) published golden visa and residence figures for families by category, Khaleej Times reported. Families of specialised talents received 167,124 permits, families of property investors 100,286 and families of scientists 70,247. The figures cover 2021 to the end of the first quarter of 2026.

For Vietnamese investors: families of property investors are the second-largest group holding golden visa residence in Dubai. Per NAC's listing data, DAMAC Golf Greens starts at USD 300,000, with an estimated gross yield of 6.5% and handover expected in Q1 2028. Thresholds and conditions are in NAC's UAE golden visa programme guide.

🇬🇧 UK · The economy grows 0.6% in Q1, three times the previous quarter's pace

On 14 May the Office for National Statistics estimated first-quarter GDP growth of 0.6%, after 0.2% in the last quarter of 2025. Services output rose 0.8% and is 1.4% higher than a year earlier. In March alone, GDP grew 0.3%, after 0.4% in February.

For Vietnamese investors: a faster-growing economy helps support rental demand in London. Per NAC's listing data, Oval Village The Halo in Zone 1 starts at £685,000, with an estimated gross yield of 5.5% and handover expected in 2028. UK inflation figures for April, due on 20 May, will show how much room the Bank of England has on rates.

🇲🇾 Malaysia · Q1 growth of 5.4%, down from 6.2%

On 15 May the Department of Statistics Malaysia reported first-quarter GDP growth of 5.4% on a year earlier, above April's advance estimate of 5.3% but down from 6.2% in the last quarter of 2025. Services grew 5.6%, construction 7.7% and private consumption 4.7%.

For Vietnamese investors: steady growth helps Kuala Lumpur keep its tenant base. Per NAC's listing data, The Conlay Signature Suites at KLCC was completed in Q2 2025 and starts at USD 387,000, with an estimated gross yield of 4%. The MM2H residence conditions are in NAC's Malaysia programme guide.

Next week

Mon18/5

Tue19/5RBA minutes of the 5 May meeting

Wed20/5UK April CPIFed minutes of the 28–29 April meeting

Thu21/5

Fri22/5

Sat23/5

Sun24/5

Source: Reserve Bank of Australia, Office for National Statistics and Fed calendars

NAC strategic insight

High US inflation and a new Fed chair make dollar rates harder to call for the next few months. Meanwhile Cyprus and Dubai keep drawing foreign buyers, partly because residence rights come with the property. We favour assets that are finished or close to handover, bought with equity, in markets where the investment opens residence to the whole family. If you'd like to see where your family's portfolio stands after this week, book a consultation with NAC.

Markets in this issueCyprus, Dubai and Malaysia made the news this week, and all three offer residence linked to property investment