Us Economy

Dying dollar? How the role of the US currency is becoming more limited

Valéry Giscard d'Estaing, the 20th president of France and a finance minister in the 1960s, called the dollar’s reserve status an 'exorbitant privilege' for the US. Current global geopolitical and economic shifts could now see this exorbitant privilege challenged

Hiring remains brisk in US as employers add 216,000 jobs in December

The latest data reflect an economy and a job market that are decelerating back to pre-pandemic norms. Hiring remains steady, and while employers are posting fewer openings, they are not laying off many workers.

Fed pauses interest rate hikes but signals more tightening ahead

The Federal Reserve has already lifted its benchmark lending rate by five percentage points since it began raising rates to fight inflation in March 2022. Today it indicated it likely still has some way to go.

Shares fall as US debt deal goes to a vote; China data rattles nerves

The MSCI All-World Index of global shares, which is heading for its first monthly decline since February, was down 0.4% in early U.S. hours, largely due to declines across Asian markets.

Explained: How a US debt default will affect everyday Americans

If the US treasury hits the debt ceiling and prioritises debt repayments, it will be forced to halt spending on federal programmes such as social security, Medicare, and Medicaid, which offer critical financial assistance to tens of millions of Americans

US on the debt ledge, will it fall?

Kevin McCarthy and Republicans have been insisting on spending cuts, instead of raising the debt limit

US debt ceiling crisis: Why Joe Biden is wary of invoking the 14th Amendment

Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory

Explained: How a US debt default would affect the global economy

The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that 'no corner of the global economy would be spared'

US debt ceiling crisis: What happens if impasse between Joe Biden and Republicans can't be resolved

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their 'extreme positions'

US debt ceiling: What's the 14th Amendment Biden is considering?

US president Joe Biden has been considering the ‘14th Amendment’ option to avert a debt ceiling crisis, as the deadline to resolve an impasse on lifting the borrowing limit fast approaches. There could be legal challenges if the 14th Amendment is invoked, but not doing so poses risks too