KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Limited Appetite for Rate Cuts Among Fed Policymakers Despite headline-grabbing dissents from two prominent Federal Reserve governors, the July FOMC meeting minutes suggest overwhelming consensus among policymakers to hold the federal funds rate steady at 4.25%–4.50% . According to the minutes released on Wednesday: “Almost all participants viewed it as appropriate to maintain the target range…” Only Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller favored a 25-basis-point cut , citing concerns over labor market deterioration. This marks the first instance of multiple governor-level dissents since 1993, yet no other members joined their call. Data Post-Meeting Validates Concerns—But Too Late? Within 48 hours of the July 29–30 meeting , new labor market data showed: Substantially lower job creation in July A rising unemployment rate Labor force participation at its weakest since 2022 More critically, historical rev...