Role of US Dollar Could be Changing

The U.S. dollar has remained the world's reserve currency since 1944 and is used in roughly half of all financial transactions, according to Kellogg Insight. But the dollar's status in global trade may be in jeopardy as countries begin diversifying their reserves with alternative currencies as a form of economic protection. "We might see an erosion...
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President Biden Issues Guidance Requiring U.S. Content in Fed Funded Projects

The Biden Administration issued guidelines Monday for the materials to be used on projects funded through the infrastructure passed in November. As of May 14, federally funded projects must use materials manufactured in the United States, including iron and steel. Component costs for a final product must be greater than 55% of the total cost.Howeve...
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US Wholesale Inflation Rose at Fastest Pace Ever Recorded in March

Supplier prices rose 11.2% from a year ago in March, according to data released today by the Bureau of Labor Statistics. Food and energy played a massive role in rising inflation. If you exclude more volatile food and energy prices, the core Producer Price Index (PPI) rose 0.9% on a monthly basis, nearly double the 0.5% estimate."These numbers are ...
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Biden Signs Bans Russian Energy Imports, Revokes Trade Relations

President Joe Biden signed two bills into law Friday: one that revokes normal trade relations with Russia and Belarus and another that bans imports of energy products, including mineral fuels, oils and waxes."Revoking normal trade relations, which requires congressional action in the United States, would end Russia's status as a 'most favored natio...
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Manufacturing Index Shows Economic Expansion in Overall Economy for 22 Months Straight

The purchasing managers' index (PMI) stood at 57.1% in March—following a February reading of 58.6%, according to the Institute for Supply Management® (ISM) March 2022 Manufacturing Report On Business. This decrease in 1.5 percentage points indicates expansion in the overall economy for the 22nd month in a row and is the PMI's lowest rating since Se...
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Mexico-US Trade Partnership is Booming

Mexico finished 2021 as the No. 1 trade partner of the U.S. for only the second time ever, according to Forbes. And trade between the two countries is only expected to grow as more businesses look to nearshore."A lot of companies that went to China, Thailand or Vietnam are considering bringing their investments back to North America," Kenneth Smith...
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Fears of a US Recession on the Horizon

Businesses have put up a tough fight against record-high inflation, supply disruptions and labor shortages for two years now. But the U.S. Treasury yield curve could possibly signal a losing battle. "The bond market just flashed a warning sign that has correctly predicted almost every recession over the past 60 years: an inversion of the U.S. Treas...
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China Continues to Suffer Lockdowns

Shanghai, China's largest city and finance and international business hub, began lockdown measures today following the country's worst COVID outbreak since the beginning of the pandemic, according to CNBC. Oil prices already have dropped by more than $9 due to the lockdown and an expected decrease in demand.Further disruptions to supply chains are ...
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India and Russia Could Have a Rupee-Ruble Trade Agreement Early Next Week

Russia and India could bring back a payment arrangement from the Cold War-era that would allow Indian exporters to keep doing business with Russia without the use of US dollars (the primary international trade currency), CNBC reported.A Sakthivel, president of the Federation of Indian Export Organizations (FIEO) told the news outlet that "the India...
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Material Prices Spike for Nonresidential Construction in Recent Analysis

Prices for new nonresidential construction rose more than 21% from February 2021 to February 2022, according to an Associated General Contractors of America (AGC) analysis of government data. (The association noted that more recent price announcements made after the February data was collected suggest contractors are experiencing even worse cost pr...
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Oil Prices Dropping Quickly Despite Ongoing Russia-Ukraine Conflict

Oil prices fell below $100 barrel Wednesday, down from the 14-year-high of $130 per barrel it sat at just last week. However, gas prices remain mostly unchanged. The national average price for regular gas dropped by just two pennies from Monday to $4.31 a gallon on Wednesday, according to AAA. "It bears reminding that the cost of oil accounts for a...
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U.S. Economy is Strong Despite Geopolitical Uncertainty, Wells Fargo Says

The conflict in Ukraine is pushing already record-breaking inflation higher and adding to market volatility. However, the U.S. economy has shown strong signs of being able to weather the storm, according to the most recent Wells Fargo Weekly Commentary."U.S. financial exposure to Russia appears to be rather limited," Wells Fargo says. "… ...
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Infrastructure Agenda Outlined During State of the Union Speech

President Joe Biden addressed plans for how the $1.2 trillion infrastructure budget, signed into law last November, would be used. The spending will be spread out over the next five to 10 years, according to the White House."America used to have the best roads, bridges and airports on Earth," Biden said during the State of the Union speech. "Now ou...
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Russian Sanctions Coming from All Directions

Governments around the world are rolling out their own versions of Russian sanctions over conflict with Ukraine, as the two countries teeter on the brink of war. President Joe Biden officially called Russia's decision to deploy troops in eastern Ukraine "the beginning of a Russian invasion.""We will not allow Russia to claim the pretense ...
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Fight Against Inflation Proves to be Complicated

Inflation rose to 7.5% last month, exceeding the 40-year-high record set in December. Typically, the Federal Reserve would raise interest rates to offset inflation. However, nothing about current inflation levels is typical."There's a confluence of factors …," David Wessel, the director of the Hutchins Center on Fiscal and Monetary Policy at the Br...
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Protests Along U.S. and Canadian Border May Result in Multi-Million Dollar Loss

Protests along Ambassador Bridge, the busiest international crossing on the U.S. and Canadian border, could lead to shipping delays and more inflation, according to Morning in America. The fallout from these protests could land a major impact to the U.S. supply chain in particular.Both governments have indicated the automotive industry and agricult...
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The U.S. is One Step Closer to a Digital Dollar

The Federal Reserve has been working to develop a U.S. version of a central bank digital currency (CBDC) that could be used in place of the paper dollar. The Boston Fed and the Massachusetts Institute of Technology (MIT) released the initial findings from research on a U.S. digital dollar last week.According to the report, the CBDC designed by the ...
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US Calls for China to Meet Trade Deal Commitment

U.S. officials are calling for China to meet its commitment to purchase $200 billion in additional U.S goods and services during 2020 and 2021, according to multiple news reports. The agreement was set in place under "Phase 1" of the trade deal signed by former President Donald Trump.The U.S. government will release its full-year trade data tomorro...
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Oil Prices Are Increasing, But Supply Is Not

Oil prices are hovering near $90 a barrel on average, its highest seen since 2014. The sudden cost increase is likely due to political tensions in Eastern Europe and the Middle East, and a supply shortage. Normally, prices this high would call for OPEC to significantly increase oil exports. However, during a meeting this morning, OPEC and...
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Bottlenecks Extend to Multiple Ports Within the U.S.

Bottlenecks along the busiest ports of the West Coast are expanding to the Eastern side of the country, including South Carolina, New York and Georgia, according to news reports.The twin ports of Long Beach and Los Angeles handle about 40% of the U.S.'s inbound containers; and after receiving record amounts of imports in 2021, delays continue to pe...
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