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Policy support tempers downside but caps upside – MUFG

Lloyd Chan at MUFG notes the Malaysian Ringgit outperformed, rising 0.4% versus the US Dollar (USD) after Bank Negara Malaysia (BNM) reintroduced a 2024-style FX support measure to encourage repatriation and conversion of offshore earnings. While USD/MYR has retraced from around 4.15, Chan sees gains as less sustainable than in 2024, given expectations of further Fed tightening and ongoing external pressure.BNM support meets challenging backdrop”More broadly, the combination of strong US data and delayed Fed…

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California voters to decide on 5% billionaire tax that aims to generate 0B

California voters will decide in November whether to impose a one-time 5% tax on billionaires under a ballot measure supporters say could raise about $100 billion to help offset federal Medicaid funding cuts, despite opposition from Gov. Gavin Newsom and other state leaders. The proposal would apply to California residents…

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