Shutdown could cost US economy $15 billion a week, Treasury says

October 16, 2025 2:37 PM

Shutdown could cost US economy $15 billion a week, Treasury says

The two-week-old federal government shutdown may cost the U.S. economy as much as $15 billion a week in lost output, a Treasury official said late on Wednesday, correcting an earlier statement from Treasury Secretary Scott Bessent that put the cost at up to $15 billion per day. Bessent used the incorrect estimate in two separate appearances earlier on Wednesday, while urging Democrats to "be heroes" and side with Republicans to end it. A Treasury official said the cost estimate was based on a ...

Dollar sinks to decade-low vs Swiss franc as US hit by loss of confidence

April 11, 2025 12:04 PM

Dollar sinks to decade-low vs Swiss franc as US hit by loss of confidence

The dollar slumped on Friday as waning confidence in the U.S. economy prompted investors to ditch U.S. assets to the benefit of safe havens such as the Swiss franc, yen, and euro, as well as gold. The yellow metal recorded a new all-time peak, and the franc notched a fresh decade high. Investors dumped Wall Street stocks overnight, as a powerful relief rally on Wednesday - when President Donald Trump abruptly paused higher tariff rates on dozens of trading partners - reversed course in a frene...

Fed in no rush to cut rates; Trump disagrees

March 20, 2025 1:11 PM

Fed in no rush to cut rates; Trump disagrees

 The Trump administration's initial policies, including extensive import tariffs, appear to have tilted the U.S. economy toward slower growth and at least temporarily higher inflation, Federal Reserve Chair Jerome Powell said on Wednesday, drawing the ire of President Donald Trump. Trump posted late on Wednesday on his Truth Social platform: "The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy. Do the right thing." Earlier, i...