April minutes: a committee pivoting right
The April 28–29 meeting was the first under incoming Chair Kevin Warsh, who succeeded Jerome Powell with the committee repositioning around a more hawkish center of gravity. Several participants wanted to remove the easing-bias language from the official statement altogether, according to the minutes. The shift was driven largely by the Iran situation, which pushed energy prices above $110 a barrel and lifted inflation measures above 3%. April CPI came in at 3.8%, well above the Fed’s target.
The 10-year Treasury yield hit 4.54% on May 15, a 12-month high, as the repricing of rate expectations accelerated.
" Translate heading: "Minit April: jawatankuasa beralih ke kanan" (or "jawatankuasa beralih ke arah hawkish" but "pivoting right" is metaphorical; maybe "jawatankuasa beralih ke arah yang lebih hawkish" - but keep simple: "Minit April: jawatankuasa beralih ke kanan" might be understood. Alternatively: "Minit April: jawatankuasa beralih ke arah hawkish". I'll use "Minit April: jawatankuasa beralih ke kanan" and explain in text? But better to keep literal. Let's go with "Minit April: jawatankuasa beralih ke kanan" as it's a known term in politics. However, in financial context, "right" might not be clear. Perhaps "Minit April: peralihan jawatankuasa ke arah yang lebih ketat" (tighter). But the original says "pivoting right" meaning more hawkish. I'll use "Minit April: jawatankuasa beralih ke arah yang lebih hawkish" to be clear. But keep HTML structure. First sentence: "The April 28–29 meeting was the first under incoming Chair Kevin Warsh, who succeeded Jerome Powell with the committee repositioning around a more hawkish center of gravity." -> "Mesyuarat 28–29 April adalah yang pertama di bawah Pengerusi baharu Kevin Warsh, yang menggantikan Jerome Powell dengan jawatankuasa menyusun semula di sekitar pusat graviti yang lebih hawkish." (or "pusat graviti yang lebih cenderung kepada hawkish"). "Several participants wanted to remove the easing-bias language from the official statement altogether" -> "Beberapa peserta mahu mengeluarkan sepenuhnya bahasa kecenderungan pelonggaran daripada kenyataan rasmi." "The shift was driven largely by the Iran situation, which pushed energy prices above $110 a barrel and lifted inflation measures above 3%." -> "Peralihan ini didorong sebahagian besarnya oleh situasi Iran, yang mendorong harga tenaga melebihi $110 setong dan menaikkan ukuran inflasi melebihi 3%." "April CPI came in at 3.8%, well above the Fed’s target." -> "CPI April mencecah 3.8%, jauh di atas sasaran Fed." "The 10-year Treasury yield hit 4.54% on May 15, a 12-month high, as the repricing of rate expectations accelerated." -> "Hasil Perbendaharaan 10 tahun mencapai 4.54% pada 15 Mei, paras tertinggi 12 bulan, apabila penilaian semula jangkaan kadar dipercepatkan." Third paragraph: "Why the hawkish turn hits Bitcoin hardest
Bitcoin's sensitivity to Fed policy is primarily about liquidity. Expected rate cuts make money cheaper and support risky assets like Bitcoin; expected hikes do the opposite. Coinbase analysts noted that a sustained expansion in Bitcoin's price range would likely require either a clear improvement in systemic liquidity or a definitive downward trend in inflation — neither of which is in sight right now. The historical precedent is stark: during the 2022 hiking cycle, Bitcoin fell from roughly $69,000 to $15,500 as the Fed raised rates from near zero to above 5%.
" Translate heading: "Mengapa peralihan hawkish memberi kesan paling keras kepada Bitcoin" (or "Mengapa peralihan hawkish paling teruk menjejaskan Bitcoin" - "hits hardest" -> "memberi kesan paling keras"). Paragraph: "Kepekaan Bitcoin terhadap dasar Fed adalah terutamanya mengenai kecairan. Jangkaan pemotongan kadar menjadikan wang lebih murah dan menyokong aset berisiko seperti Bitcoin; jangkaan kenaikan kadar melakukan sebaliknya. Penganalisis Coinbase menyatakan bahawa pengembangan berterusan dalam julat harga Bitcoin mungkin memerlukan sama ada peningkatan yang jelas dalam kecairan sistemik atau trend menurun yang pasti dalam inflasi — kedua-duanya tidak kelihatan pada masa ini. Preseden sejarah adalah jelas: semasa kitaran kenaikan 2022, Bitcoin jatuh daripada kira-kira $69,000 kepada $15,500 apabila Fed menaikkan kadar daripada hampir sifar kepada melebihi 5%." Fourth paragraph: "Nearly $1 billion fled Bitcoin ETFs in one week
The week of May 15, the combination of Iranian escalation, rising Treasury yields, and surging rate-hike odds triggered nearly $1 billion in Bitcoin ETF outflows, snapping a six-week inflow streak. That suggests institutional investors are already repositioning for a tighter monetary environment.
" Translate heading: "Hampir $1 bilion keluar dari ETF Bitcoin dalam seminggu" Paragraph: "Minggu 15 Mei, gabungan eskalasi Iran, kenaikan hasil Perbendaharaan, dan lonjakan kemungkinan kenaikan kadar mencetuskan hampir $1 bilion aliran keluar ETF Bitcoin, menamatkan rentetan aliran masuk enam minggu. Ini menunjukkan pelabur institusi sudah menyusun semula kedudukan untuk persekitaran monetari yang lebih ketat." Fifth paragraph: "A test for risk assets as December looms
With the next Fed meeting scheduled for
