May be or May not be.

May be: Warren buffett holding more money than anytime in his life. He is selling stocks from last 7 quarters and surprisingly he sold half of his Apple holdings in this Quarter. So he sensed something wrong with Market and he is expecting a correction. That could be a recession or just a correction.

May Not be: US is trying to avoid recession from long time by playing with their monitory policy and US can't afford a recession at this time while a war is going on EU and another in Middle east with elections are nearing. So they try to persuaded Fed to play again with their monitory policy to avoid recession.

I feel it is a sharp correction on stocks which saw new highs from last 1 year than a deep recession. I feel Fed play a role to make it right by increasing rates more than 25 basis points.

And coming to Malaysia, it has great domestic consumption and i feel the effect of US markets/Economy will impact Malaysia but not the way market is reacting.

cut rate = economy bad
increase rate = economy too good

but cut rate = easier for you to service your loan
increase rate = less money to spend.
like chicken and egg