Well, who didnât see this coming? The day after President Obama signed an increase in the USâs debt ceiling into law, the value of the dollar has taken a dive.
from Wall Street Journal:
Expectations that the Federal Reserve will have to keep its easy-money policies in place for longer following the partial U.S. government shutdown pushed the dollar close to its lowest point of the year against the euro and U.S. Treasury debt prices to their highest point since July.
Yields on the 10-year Treasury note, which move inversely to prices, touched 2.538%, the lowest level since July 24, according to CQG. The dollar continued its slide against major rivals, including the euro, the yen and the pound. The euro recently bought $1.3686 from $1.3676 late Thursday, while the pound fetched $1.6186 from $1.6165. The greenback traded at ¥97.71 from ¥97.93.
The drop in the dollar and the rise in Treasury debt prices were set in train earlier this week after lawmakers reached a temporary solution to raise the so-called debt ceiling, showing that investors doubt the Fed can start to reel in its stimulus measuresâa process dubbed taperingâfor as long as economic performance and data is compromised by the now-ended shutdown, and as long as the risk of repeat shutdowns lingers.
The Obama administrationâs continued devaluation of the dollar (along with establishment Republicans who allow him to do it) places our nationâs economic security at long-term risk.
The very idea of servicing our existing debt with new debt is irrational and dangerous.
from Wall Street Journal:
Expectations that the Federal Reserve will have to keep its easy-money policies in place for longer following the partial U.S. government shutdown pushed the dollar close to its lowest point of the year against the euro and U.S. Treasury debt prices to their highest point since July.
Yields on the 10-year Treasury note, which move inversely to prices, touched 2.538%, the lowest level since July 24, according to CQG. The dollar continued its slide against major rivals, including the euro, the yen and the pound. The euro recently bought $1.3686 from $1.3676 late Thursday, while the pound fetched $1.6186 from $1.6165. The greenback traded at ¥97.71 from ¥97.93.
The drop in the dollar and the rise in Treasury debt prices were set in train earlier this week after lawmakers reached a temporary solution to raise the so-called debt ceiling, showing that investors doubt the Fed can start to reel in its stimulus measuresâa process dubbed taperingâfor as long as economic performance and data is compromised by the now-ended shutdown, and as long as the risk of repeat shutdowns lingers.
The Obama administrationâs continued devaluation of the dollar (along with establishment Republicans who allow him to do it) places our nationâs economic security at long-term risk.
The very idea of servicing our existing debt with new debt is irrational and dangerous.
Only those with a Junior College degree or above will be able to tell that something has happened to their bread. But 25% fewer will have degrees beyond the GED, many having been convinced by the far right wing of the political spectrum that education is worthless.