KUALA LUMPUR, April 25 (Bernama) -- Bursa Malaysia extended its uptrend for a third consecutive day on Friday, closing higher on renewed buying interest amid positive regional market performance due to potential de-escalating US-China trade tensions. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.68 points, or 0.18 per cent, to 1,509.20 from Thursday’s close of 1,506.52. The benchmark index opened 5.12 points better at 1,511.64, and moved between 1,505.68 and 1,512.29 throughout the day. Market breadth was positive, with advancers beating decliners 651 to 325, while 434 counters were unchanged, 1,047 untraded, and 39 suspended. Turnover improved to 3.10 billion units valued at RM1.95 billion against Thursday’s 3.08 billion units valued at RM2.14 billion.
The Federal Reserve's minutes from the March 19–20 meeting will be released at 2 p.m. ET on Wednesday. But markets should read them with caution: they reflect a pre-tariff reality. Since then, President Trump has rolled out aggressive global tariffs, market volatility has surged, and recession fears are growing.
At the March meeting, the Fed held rates steady at 4.25%–4.50% and signaled three rate cuts for the year. But now, in the aftermath of the tariffs, markets are pricing in four cuts, according to the CME FedWatch tool.
What Investors Should Look For:
1. Internal Disagreement Analysts like Idanna Appio of First Eagle are watching for signs of division:
Were officials already split on inflation and labor strength?
Did anyone express concern about looming tariff impacts?
2. Financial Stability Concerns Markets have weakened. If the March minutes already show unease over credit fragility or volatility, investors may question the Fed’s commitment to staying on course.
3. Balance Sheet Signals The Fed has been shrinking its bond holdings. Powell hinted this could slow or end by June. The minutes may reveal how close officials are to that decision.
4. Data Sensitivity Powell insists the Fed is data-dependent. The minutes could indicate:
Which data points mattered most in March.
Whether there was talk about jobs, inflation trends, or liquidity concerns.
Watch the Language Carefully:
Former Fed staff like Appio and Harbor Capital’s Jake Schurmeier highlight a few clues:
Counting words like “a few,” “some,” “many,” or “most” show where policymakers stood.
Descriptors like “transitory” or “persistent” can reveal inflation views.
Overly complex sentences often signal unresolved debates behind closed doors.
Why This Matters Now:
Even if the minutes reflect a calmer March, they help reveal how prepared or divided the Fed was before the trade shock. In a market full of unknowns, any sign of flexibility or concern could move expectations for the May 6–7 FOMC meeting.
This is a case where subtle phrasing and tone may speak louder than the actual policy decision itself.
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