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...
US Treasury Secretary Scott Bessent has renewed his push for the Federal Reserve to conduct an internal review, citing mortgage-fraud allegations against Fed Governor Lisa Cook as a test of institutional accountability.
Fed Integrity in Question
Bessent urged Fed Chair Jerome Powell to initiate a self-review before outside scrutiny emerges.
The Treasury chief said Cook’s case — tied to mortgage-fraud allegations — underscores risks to public trust.
President Donald Trump has already moved to oust Cook, a step her lawyer has vowed to challenge in court.
“The Fed is an unaccountable institution, and its relationship with the American people depends on trust. Incidents like this puncture that trust,” Bessent told Fox Business.
Fed Board Politics
Current governors Christopher Waller and Michelle Bowman (Trump’s first-term picks) dissented in July, favoring a rate cut.
Trump has nominated Stephen Miran, his White House chief economist, for the board’s vacant seat.
Bessent dismissed suggestions of political control, saying Fed governors remain independent.
Powell’s chair term ends May 2026. Bessent said interviews for his successor will begin after Labor Day, with 3–4 candidates forwarded to Trump by fall.
Housing Finance Moves
Bessent said the administration will move “deliberately” on selling shares in Fannie Mae and Freddie Mac.
Timeline: A decision on lead banks is expected by September or early October.
Stake sale: Between 3% and 6%, valued at at least $30 billion, with international and retail participation planned.
Goal: Ensure no rise in the spread between mortgage rates and Treasury yields.
Trade and Tariffs
On China talks, Bessent said Vice Commerce Minister Li Chenggang’s Washington trip this week is “technical,” with real negotiations expected when he meets Vice Premier He Lifeng in late October or early November.
On India, Bessent downplayed New Delhi’s pushback against Trump’s new 50% tariff on Indian goods over Russian oil purchases:
“It’s the surplus country that should worry,” he said, pointing to the US deficit with India.
On Europe, Bessent criticized G7 partners for resisting secondary sanctions on Russia, noting only Canadasupported the US position.
Comments
Post a Comment