US Dollar, Treasury ETFs, Oil Prices, China's Economy, And Ray Dalio's US Debt Warning: This Week In Economics

Daftar Isi

Here's a look back at the past week's major news in the realm of economics and finance, which has been filled with twists and turns. The U.S. dollar's role as the global reserve currency and a sharp rise in oil prices are just two of the news stories that need to be caught up on. Let's review the top headlines that made the news.

Scott Bessent: The Dollar Should Be Left as the World’s Reserve Currency

The individual has committed to preserving the US dollar's position as the world's reserve currency. During his prepared statement, Bessent underscored the value of investing in productive endeavors over unnecessary spending and the necessity of securing supply chains. He also pointed out the need to apply diplomatic pressure through sanctions to address national security concerns.

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A 5% Yield Spurs Demand for Long-term Treasury Bond Exchange-Traded Funds

Despite ongoing bond market losses and growing worries about the economy, investors are pouring money into long-term Treasury bond ETFs because of their potential 5% yields. Last week, the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) saw an enormous $1.5 billion in new investments.

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Crude oil prices breach the $80 mark, reaching a 6-month high.

US oil prices jumped this week, with West Texas Intermediate light crude rising about 4% to more than $80 per barrel for the first time since mid-July 2024. This surge came even after news of a ceasefire in Gaza following a devastating 15-month war.

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The Chinese Economy Set to Surpass the US by 2035

Chinese economist Justin Lin Yifu restated his prediction made 31 years ago that China's economy will surpass that of the U.S. within the next five to 10 years. He thinks U.S. economic growth has slowed down, just like China's, which has a sluggish annual gross domestic product.

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Billionaire investor Ray Dalio says the U.S. may go bankrupt if its debt continues to rise at its current pace, causing severe economic consequences.

Ray Dalio, the founder of Bridgewater Associates, expressed concerns that the United States is at risk of "going broke" due to its increasing government debt problems. Currently, the U.S. holds 34.6% of the world's total debt, which totals $102 trillion. Dalio's warning comes as the U.S. debt has reached over $36 trillion, with interest payments totaling over $892 billion for the fiscal year 2024.

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