It has been revealed that an important US bank is predicting the future of he US dollar. Check out the latest reports about this below.
The future of the US dollar
As we approach the end of 2023, the US economy has started to recover gradually, and interest rate hikes have slowed down.
The Federal Reserve (FED) is still hopeful that interest rates will be reduced in the coming year as inflation of the US dollar decreases, despite ongoing challenges from BRICS.
The BRICS bloc is growing stronger, and its mission for de-dollarization poses a threat to the US dollar.
However, Bank of America, one of the leading banks in the United States, has a positive outlook for the US economy and the future of the US dollar against BRICS. In September, CEO Brian Moynihan expressed the bank’s financial strategists’ belief that the US economy will experience a soft landing instead of a recession.
With inflation under control, the optimism remains intact.
The BRICS alliance has been firm in its belief that the largest danger to the US Dollar is not overseas but on American soil.
The US Dollar has been the dominant currency for global trade for almost a century.
However, the expansion of BRICS has intensified the competition between them and the US Dollar.
With more countries now joining the side of ending the US dollar’s supremacy, the threat has become greater than when Bank of America’s CEO made his original remarks.
The long-term goal of the BRICS alliance is to abandon the US dollar and promote their local currencies for trade.
As a result, the US dollar will continue to face constant risk from BRICS, who aim to remove its status as the global reserve currency.
Not too long ago, we revealed some pretty interesting moves coming from 12 banks in America that left people mind-blown.
