KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Elon Musk has endorsed former Congressman Ron Paul as a potential Federal Reserve Chair, advocating for a full audit of the Fed’s monetary policy decisions and foreign transactions, marking a bold step in Trump’s push for government transparency and efficiency.
🔹 Key Developments
🔹 Musk’s Department of Government Efficiency Service (DOGE) aims to shrink government operations, with Musk emphasizing that all government agencies, including the Fed, must be fully transparent.
🔹 Ron Paul calls for a detailed audit of the Fed, beyond its current financial reviews, to include:
✔️ Monetary policy decisions
✔️ Overseas transactions and bailouts
✔️ International banking activities
💬 Ron Paul: "I want to know the background of policy — why they do these things, and what all they are doing."
🏦 Fed Under Fire: What’s at Stake?
📌 Musk’s endorsement and Paul’s audit demand could shake the Fed’s long-standing independence.
📌 Current Fed Chair Jerome Powell defended the central bank’s independence, warning that further investigations into its decisions could be a step toward eliminating the Fed altogether.
💬 Powell: "The Fed is already audited financially. A deeper audit could undermine monetary policy decisions."
💬 Support and Opposition
🔹 Congressman Mike Lee and activist Charlie Kirk back Paul’s potential appointment, saying he would bring unmatched transparency and reform.
🔹 Legislation to abolish the Fed, introduced last year by Sen. Mike Lee and Rep. Thomas Massie, gained over 20 co-sponsors but failed in committee.
💬 Paul: "Abolishing the Fed immediately would be unwise—it could cause a civil war. But once Americans see what the Fed does, they’ll demand its end."
📊 Why It Matters to Investors
✔️ Greater Fed transparency could impact market stability, especially if monetary policy decisions become politicized.
✔️ Paul’s focus on overseas Fed transactions and bailouts could reveal previously undisclosed financial maneuvers.
✔️ Musk’s influence on U.S. economic policy continues to grow, adding volatility and uncertainty to market expectations.
🔍 What’s Next?
✔️ No formal plans from the White House or Musk’s team yet, but growing political momentum could force a public debate on the Fed’s role.
✔️ Investors should watch for policy shifts, especially regarding interest rates and international financial operations.
📌 Musk and Paul’s push for Fed transparency could reshape U.S. monetary policy oversight and spark a political and economic firestorm.
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