KUALA LUMPUR, March 22 — The ringgit extended its uptrend against the US dollar for the third consecutive day on the expectation of a softer interest rate hike by the US Federal...
KUALA LUMPUR, March 22 — The ringgit extended its uptrend against the US dollar for the third consecutive day on the expectation of a softer interest rate hike by the US Federal Reserve later tonight and even a possible cut in the second half of the year.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the markets have been quite fickle-minded about the US interest rate outlook with interest rate futures for Fed funds rates indicating a possible cut in the second half of 2023 . He said the question on interest rates is critically important as the US Treasury yield curve is inverted with the three-month yield higher than the 10-year yield—a phenomenon that is closely associated with a possible recession.
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