Scott Bessent, President-elect Donald Trump’s pick for Treasury Secretary, is expected to emphasize the US dollar’s role (DX=F, DX-Y.NYB) as the world’s reserve currency in his confirmation hearing on Capitol Hill on Thursday. "We are in an environment that has been very supportive for the dollar in recent years, and I think that reflects [how] the US economy has been relatively strong, certainly compared to many other developed market economies," Citi chief global economist Nathan Sheets explains to Seana Smith and Madison Mills on Catalysts. Sheets ties the above sentiment back to the Federal Reserve’s aggressive interest rate-cutting cycle: " … It’s much easier to pencil in significant rate cuts for many foreign economies than it is for the United States. When I put all that together, I’d say we’ve got a cyclically strong dollar." Additionally, Sheets comments on the outlook of a strategic bitcoin reserve (BTC-USD) and warns of the potential economic impact of Trump’s proposed tariffs and their part in raising consumer prices and inflation. To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
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