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By Frank Fang
Republicans are warning American middle-class families and small-business owners how they will soon be the targets of the Internal Revenue Service (IRS), once President ...
- Pompeo, DeSantis Respond to FBI Raid at Trump’s Mar-a-Lago Home
By Katabella Roberts
Former Secretary of State Mike Pompeo and other GOP leaders have responded to an FBI search of the 45th President’s Florida Mar-a-Lago home after ...
- Biden Administration Raid on Trump ‘Improper,’ Dershowitz Says
By Zachary Stieber
Harvard Law School professor Alan Dershowitz and other legal scholars are questioning the Biden administration raid on former President Donald Trump.
“The raid is supposed ...
- Trump: FBI Has Raided Mar-a-Lago, Property ‘Under Siege’
By Gary Bai
Former U.S. President Donald Trump’s Florida Mar-A-Lago home is “under siege” and “occupied by a group of FBI agents,” the former president said in a ...
- Semiconductors Emerge as Battleground in US-China Race to Make Global Tech Norms in Their Image
By Jessica Mao
News Analysis
As every aspect of modern life becomes more and more digitized, not just the economies of nations but their sovereign influence ...
- Republicans Say Americans Will ‘Fire the Democratic Majority’ in Midterms for Passing Billion-Dollar Spending Bill
By Frank Fang
Senate Republicans lambasted their Democrat colleagues for passing a $740 billion health care and climate spending bill, warning the economic package will ...
- Democrat Spending Nears $3.5 Trillion with Inflation Reduction Act
By Tom Ozimek
The passage of the Inflation Reduction Act over the weekend brings the total amount of spending in the pipeline by congressional Democrats to around $3.5 trillion ...
- Trump Reveals What He’ll Do for Fired Unvaccinated Military Service Members If He Wins in 2024
By Gary Bai
Former President Donald Trump said on Aug. 7 that if he returns to the White House in 2025 he’ll rehire the service ...
- Trump Hints Again at 2024 Presidential Run
By Ivan Pentchoukov
Former President Donald Trump on Aug. 7 hinted he may run for the White House again in 2024 but stopped short of announcing his ...
- Jan. 6 Panel May Try to Influence Pennsylvania Governor’s Race: Mastriano Attorney
By Beth Brelje
State Sen. Doug Mastriano, Pennsylvania’s Republican gubernatorial nominee, is scheduled to meet with the Jan. 6 Committee Aug. 9. It was to be ...
- Biden and Pelosi Give Wrong ‘Facts’ About ‘Assault Weapon’ Ban
By Emily Miller
President Joe Biden and congressional Democrats are trying to reinstate the federal assault weapon ban that was in effect for 10 years because—they claim—it ...
- Experts Divided Over Long-Term Economic Effects of the Inflation Reduction Act
By Joseph Lord
Despite Democrats’ claims that the Inflation Reduction Act will ultimately serve to reduce consumer prices and spur economic growth, experts remain divided, with some predicting ...
![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 8")
