KUALA LUMPUR (Dec 23): The year 2023 was marked by a weak ringgit that plunged through new lows against the US dollar on the back of widening interest rate differential between the overnight policy rate and the federal funds rate.

This outcome followed the aggressive monetary tightening undertaken by central banks globally, including the US Federal Reserve (Fed) as it continued the battle against inflation that it had deemed "transitory" back in 2021. However, it was proven wrong as inflation stayed stubbornly low, reaching 9.1% in June 2022.

The Fed embarked on an aggressive tightening campaign in March 2022, and at its September Federal Open Market Committee (FOMC) meeting this year, it kept the target rate steady in the 5.25%-5.5% range, and continued to do so at the following two meetings.    

At the FOMC's last meeting for the year in mid-December, Fed chair Jerome Powell said rates had likely peaked, as members of the committee pencilled in three rate cuts in 2024 by a total of 75 basis points.

Against this backdrop, how will the ringgit trade in 2024?

In this issue, we also review the significant events that took place during the year, from the six state elections to the major developments in the economy.

Also find out what are The Edge's picks for stories and turkeys of the year.

Meanwhile, the capital section looks at why there were more ACE Market initial public offerings on Bursa Malaysia compared to on the Main Market, continuing a trend that started last year.

Check out which stocks were the best and worst performers according to their market capitalisation this year on the local stock exchange.

Also don't miss out The Edge's picks of best calls by analysts, best corporate deals and best property deals of the year.

And what were the major stories from Malaysia's courts this year? Who made it to The Edge's list of newsmakers?

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