When the Federal Reserve raised its benchmark interest rate for the first time since 2023 and signaled further tightening, the ripple reached Malaysian shores by Thursday morning — the ringgit opening softer against a dollar emboldened by the promise of higher American yields. It is an old story in the grammar of global finance: when the world's reserve currency grows more rewarding to hold, capital migrates toward it, and smaller currencies absorb the quiet pressure of that exodus. The movement was modest in number but meaningful in signal, a reminder that monetary decisions made in Washingto