Gold Consolidates; Fundamentals Solid Despite Recent Selloff
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Politico
2 hours ago
- Politico
Summers, Miran highlight worst- and best-case scenarios for Trump's megabill
'These higher interest rates, these cutbacks in subsidies to electricity, these reductions in the availability of housing, the fact that hospitals are going to have to take care of these people and pass on the costs to everybody else, and that's going to mean more inflation, more risk that the Fed has to raise interest rates and run the risk of recession, more stagflation, that's the risk facing every middle-class family in our country because of this bill,' Summers told host George Stephanopoulos on ABC's 'This Week.' The nonpartisan Congressional Budget Office estimates the law will increase the national deficit by $2.8 trillion over the next decade, taking into account the legislation's impact on inflation, interest rates and economic growth. Miran, whose interview followed Summers', called his response to the law 'doom-mongering,' echoing comments from National Economic Council Director Kevin Hassett who told CBS' Weijia Jiang on 'Face the Nation' Sunday the CBO's estimate is misguided. 'It's the same combination of policies, tax cuts, deregulation, trade renegotiation, and energy abundance that gave us astounding economic growth in the president's first term, 2.8 percent until the pandemic,' Miran said. 'And that's exactly what we forecast again, very similar numbers.' Summers called Miran's council's forecast projecting $11 trillion in deficit reduction from the bill 'respectfully, nonsense,' arguing that scaled back federal funding for education and research and development will have a negative impact on economic growth. 'There is no economist anywhere, without a strong political agenda, who is saying that this bill is a positive for the economy,' said Summers, who served as director of the National Economic Council in 2009-10. 'And the overwhelming view is that it is probably going to make the economy worse.' Miran also defended the law's controversial cuts to Medicaid, which the CBO predicts will result in 11.8 million more Americans becoming uninsured by 2034. Democrats have gone on the offensive against the law's Medicaid provisions, rolling out attack ads bashing Republican lawmakers who voted for the bill and recruiting candidates to challenge them in next year's midterm elections. 'The best way to make sure people are insured is to grow the economy, get them jobs, get them working, get them insurance through their employer,' he said. 'Creating jobs, creating a booming economy is always the best way to get people insured.'
Yahoo
5 hours ago
- Yahoo
J.P. Morgan: 3 Reasons the US Dollar Is Losing Value — and Why It Might Be Good for Your Wallet
The U.S. dollar has long been recognized as an important currency around the world, but there have been growing concerns this year that it may be losing value. Be Aware: Read Next: According to J.P. Morgan, 'The U.S. dollar is the world's primary reserve currency, and it is also the most widely used currency for trade and other international transactions. However, its hegemony has come into question in recent times due to geopolitical and geostrategic shifts.' Specifically, J.P. Morgan noted a few reasons the U.S. dollar is losing value. It pointed to the following reasons for de-dollarization, which is the significant reduction in the use of the dollar in world trade and money transactions: In the commodities space, energy transactions are more often being priced in non-USD currencies. U.S. banks are not being involved in new payment systems used for cross-border deals. The USD's share of FX reserves, a commonly used barometer of dollar importance, has decreased. I'm a Financial Advisor: Some financial experts who talked to GOBankingRates said there are a few ways the U.S. dollar losing value may be a good thing for the average American's wallet. Annie Cole, EdD, money coach and founder of Money Essentials for Women, said to think about it this way: Imagine the U.S. dollar is tied equally with the European currency — the euro. Suddenly, the U.S. dollar weakens, making European businesses more likely to look to buy American goods over European goods. Cole said this kickstarts a cycle of foreign countries buying American goods, injecting the American economy with outside cash, potentially creating increased demand for American goods and perhaps creating more American jobs. According to Andrew Lokenauth, money expert and owner of BeFluentInFinance, 'Here's what I tell my clients — a weaker dollar typically means stronger stock market returns. My portfolio analysis shows that when the dollar drops 10%, multinational companies in the S&P 500 often see earnings jump 15 to 20% due to overseas revenue conversion.' Finally, Lokenauth added that inflation from a weakening dollar can benefit homeowners with fixed-rate mortgages. According to him, a 5% annual inflation rate essentially gives a homeowner a 5% discount on their mortgage balance in real terms. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on J.P. Morgan: 3 Reasons the US Dollar Is Losing Value — and Why It Might Be Good for Your Wallet Sign in to access your portfolio
Yahoo
6 hours ago
- Yahoo
J.P. Morgan: 3 Reasons the US Dollar Is Losing Value — and Why It Might Be Good for Your Wallet
The U.S. dollar has long been recognized as an important currency around the world, but there have been growing concerns this year that it may be losing value. Be Aware: Read Next: According to J.P. Morgan, 'The U.S. dollar is the world's primary reserve currency, and it is also the most widely used currency for trade and other international transactions. However, its hegemony has come into question in recent times due to geopolitical and geostrategic shifts.' Specifically, J.P. Morgan noted a few reasons the U.S. dollar is losing value. It pointed to the following reasons for de-dollarization, which is the significant reduction in the use of the dollar in world trade and money transactions: In the commodities space, energy transactions are more often being priced in non-USD currencies. U.S. banks are not being involved in new payment systems used for cross-border deals. The USD's share of FX reserves, a commonly used barometer of dollar importance, has decreased. I'm a Financial Advisor: Some financial experts who talked to GOBankingRates said there are a few ways the U.S. dollar losing value may be a good thing for the average American's wallet. Annie Cole, EdD, money coach and founder of Money Essentials for Women, said to think about it this way: Imagine the U.S. dollar is tied equally with the European currency — the euro. Suddenly, the U.S. dollar weakens, making European businesses more likely to look to buy American goods over European goods. Cole said this kickstarts a cycle of foreign countries buying American goods, injecting the American economy with outside cash, potentially creating increased demand for American goods and perhaps creating more American jobs. According to Andrew Lokenauth, money expert and owner of BeFluentInFinance, 'Here's what I tell my clients — a weaker dollar typically means stronger stock market returns. My portfolio analysis shows that when the dollar drops 10%, multinational companies in the S&P 500 often see earnings jump 15 to 20% due to overseas revenue conversion.' Finally, Lokenauth added that inflation from a weakening dollar can benefit homeowners with fixed-rate mortgages. According to him, a 5% annual inflation rate essentially gives a homeowner a 5% discount on their mortgage balance in real terms. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on J.P. Morgan: 3 Reasons the US Dollar Is Losing Value — and Why It Might Be Good for Your Wallet Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
