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How Would a New BRICS Currency Affect the US Dollar?

The BRICS nations — now expanded to 10 members — have discussed creating a new reserve currency, possibly gold- and blockchain-backed, to reduce reliance on the US dollar and counter the impact of sanctions and tariffs. While the idea has symbolic appeal and could strengthen trade within the bloc, internal divisions, economic disparities, and India’s resistance make it unlikely in the near term. Meanwhile, US President Donald Trump has escalated tensions with threats of 100% tariffs, which could push BRICS nations closer together but also risk higher inflation in the US. The dollar still dominates global trade and reserves, and most experts see no serious threat to its status soon. However, the push for alternatives like the proposed BRICS “Unit” or digital settlement systems reflects a broader global trend toward de-dollarization. For investors, this means keeping a close eye on developments, diversifying currency exposure, and considering hedges like gold to prepare for potential volatility. Read More.

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Financial CEOs are weighing in on the state of the economy

Top U.S. bank CEOs are warning of mounting economic weakness as revised federal jobs data and tariff impacts point to slowing growth. Goldman Sachs’ David Solomon, JPMorgan’s Jamie Dimon, Wells Fargo’s Charles Scharf, and others told CNBC this week that they see signs of “softening” in the economy, with consumers—particularly lower-income households—showing strain. The Bureau of Labor Statistics added to concerns by revising payroll figures down by 911,000, the sharpest adjustment in over two decades. President Trump has criticized both the BLS and the Federal Reserve, pressing for deeper rate cuts, while most executives expect the Fed to lower its benchmark rate by at least 25 basis points next week. Opinions vary on whether the slowdown signals a looming recession, but leaders from Morgan Stanley, Barclays, and PNC stressed that labor market softness, policy uncertainty, and inflation risks remain real headwinds. Overall, the consensus is that pressures in jobs, wages, and consumer demand are building, even as large companies continue to perform well. Read More.