- Californians Benefit From SALT Deduction Cap Increase in ‘Big Beautiful Bill’
By Kimberly Hayek
Californians are about to get some tax relief.
The One Big Beautiful Bill Act, the new Republican tax-cut bill signed into law by ...
- Death Toll in Texas Floods Tops 100
By Savannah Hulsey Pointer
The number of deaths from flooding in central Texas over the July Fourth weekend reached 104 on Monday.
In hard-hit Kerr County, ...
- Bessent Says Federal Reserve’s Challenges Go Beyond Chairman Powell’s Stance on Interest Rates
By Andrew Moran
The Federal Reserve’s challenges extend beyond Chair Jerome Powell’s stance on interest rates, said Treasury Secretary Scott Bessent on CNBC’s “Squawk Box” ...
- Death Toll From Texas Floods Rises to 82, Including 28 Children; Trump Plans Visit
By Jacob Burg and T.J. Muscaro
Two days after catastrophic flash floods raged through central Texas, at least 82 people, including 28 children, have been ...
- Treasury Secretary Responds to Musk’s Intention to Form ‘America Party’
By Jack Phillips
U.S. Treasury Secretary Scott Bessent became the first Trump administration official to respond to Tesla CEO Elon Musk’s announcement that he intends ...
- Rescuers Search for 11 Missing Girls After Devastating Texas Floods Killed at Least 70
By Jacob Burg
Just two days after catastrophic flash floods in central Texas washed away homes and vehicles and left at least 70 people dead, ...
- California’s Madre Fire Explodes in Size to Cover 70,800 Acres
By Naveen Athrappully
A wildfire in California’s San Luis Obispo County has greatly expanded to now cover almost 70,800 acres with just 10 percent containment, ...
- 24 Dead, 20 Girls Missing as Flooding Ravages Central Texas
By Tom Ozimek
Catastrophic flash flooding triggered by torrential rainfall has left 24 people dead, others missing, and extensive damage across parts of central Texas, ...
- Trump Signs ‘Big, Beautiful Bill’ Into Law During July 4 Celebration
By Emel Akan
WASHINGTON—President Donald Trump signed the One Big Beautiful Bill Act into law on July 4, celebrating both a major legislative victory and ...
- Why Cities and Towns Pick Fireworks, Drones, or Both for Independence Day
By Nanette Holt
OCALA, Fla.—To boom or not to boom?
That is the question coordinators of big community events face nowadays in planning Independence Day festivities.
The ...
- House Passes GOP Megabill, Sending Measure to Trump’s Desk
By Joseph Lord, Nathan Worcester, Lawrence Wilson and Jackson Richman
WASHINGTON—The House of Representatives on July 3 passed the One Big Beautiful Bill Act to ...
- Pentagon Pauses Some Arms Shipments to Ukraine
By Jacob Burg
The Pentagon announced on July 2 that it was pausing some shipments of weapons to Ukraine again, following more than three years ...
![Strong labor data and positive expectations about the incoming Trump administration pushed the U.S. dollar to a two-year high on Thursday. The U.S. dollar iIndex hit a high of 109.53 on Jan. 2, the first trading day of the year, and the highest since November 2022. The jump came as data released on Thursday by the U.S. Department of Labor showed that initial jobless claims hit an eight-month low, suggesting a robust labor market, which is a positive sign for the overall economy. The dollar index was trading slightly lower on Friday at 108.96 as of 08:30 a.m. EST. The dollar index increase is also supported by investor confidence in the upcoming Trump administration, which assumes power this month. According to a recent survey by consulting company Teneo, “global CEOs and investors are optimistic about the economic impact of a second Trump administration, outweighing concerns about tariffs, geopolitical tensions, and trade barriers.” Story continues below advertisement In fact, “50 percent of global CEOs are accelerating activities in areas such as domestic and international investment and hiring based on the outcome of the 2024 U.S. election,” it said. While the dollar strengthened, the euro and sterling declined on Thursday. The euro fell to its lowest level in more than two years while the sterling declined to its lowest in eight months. A Dec. 17 report from JP Morgan predicts the U.S. dollar to reach even new highs over the coming months. Related Stories How Major US Stock Indexes Fared Jan. 2 1/2/2025 How Major US Stock Indexes Fared Jan. 2 Americans Have Hopes Trump Will Deliver on Immigration, Economy, Safety: Gallup 1/2/2025 Americans Have Hopes Trump Will Deliver on Immigration, Economy, Safety: Gallup “November’s election outcome has given way to lower global growth expectations, wider growth gaps between the U.S. and the rest of the world, and higher terminal federal funds rate forecasts for 2025—the perfect trifecta of bullish U.S. dollar cyclical impulse,” said Meera Chandan, co-head of Global FX Strategy at the company. “These are early first-order reactions that may give way to deeper rethinks once the full set of Trump administration policies are known next year [2025], but for now, they constitute a solid economic rationale for carrying a long U.S. dollar stance into the first quarter of 2025.” JP Morgan sees the euro’s outlook as bearish, noting the eurozone is especially vulnerable to trade conflicts. And while sterling was the best-performing currency against the dollar last year, such an outperformance is not expected this year, it said. US Economy Performance in 2025 With President-elect Donald Trump set to take power in less than three weeks, there are mixed views about how things could shape up for the American economy. According to a Dec. 9 post by Morgan Stanley, markets are “bullish on Trump’s second term, hoping for tax cuts and better growth.” “We expect no net stimulus and a decent size hit from tariffs and immigration. This should be bullish for bonds as the Fed continues cutting, but could be a disappointment for frothy stocks,” it said. Regarding tariffs, the most likely outcome is a 20 percent hike on Chinese imports and on vehicles from Mexico and the European Union, Morgan Stanley said. Story continues below advertisement It predicts the U.S. Federal Reserve to continue cutting interest rates to a range of 3 percent 3.5 percent by the end of 2025. S&P Global is forecasting the U.S. economy to grow by 2 percent in 2025 and 2026, following an estimated growth of 2.7 percent last year. The company sees inflation to likely remain above the 2 percent level for “longer than we previously thought.” Goldman Sachs predicts the U.S. economy to “beat expectations” this year. “The U.S. economy is in a good place,” said David Mericle, an economist with the company. “Recession fears have diminished, inflation is trending back toward 2 percent, and the labor market has rebalanced but remains strong.” While Trump’s policy changes are likely to be “significant,” Mericle does not see these actions changing the trajectory of the economy substantially. Goldman foresees the Fed reducing interest rates to a range of 3.25–3.50 percent, with the U.S. GDP predicted to grow by 2.5 percent. There have been three consecutive quarters of economic growth in the first nine months of 2024—1.6 percent in the first quarter, 3 percent in the second, and 3.1 percent in the third.](https://www.usnn.news/wp-content/uploads/2025/01/US-Dollar-Index-Hits-Highest-Level-in-2-Years-Euro-Falls-jpg.webp "US Dollar Index Hits Highest Level in 2 Years, Euro Falls | USNN World News")
