USD "wins big", Mr. Trump is "pumped" with more money, Fed gives new comments on the economy

The US Federal Reserve (Fed) recently stated that the uncertainty related to the US election is reducing economic activity nationwide. Many businesses and consumers are postponing making major decisions until after the election.

Some experts say economic uncertainty ahead of the US election is normal. (Source: Shutterstock)

Although the overall economic picture has not changed much since early September, many businesses are still hesitant to invest ahead of the election, according to the Fed's Beige Book report on economic conditions.

The New York Fed also reported similar concerns, noting that hiring remains low, as businesses hesitate to make hiring decisions due to uncertainty surrounding the election.

Some experts stress that pre-election uncertainty is normal and predict that business activity and consumer confidence will rebound after November 5.

* The dollar index rose for a fourth straight week as the US election draws near. Investors are now awaiting the US October 2024 jobs report, due next week.

Specifically, the USD index - a measure of the greenback's performance against a basket of major currencies - increased 0.18% to 104.24 points in the session on October 25 and increased 0.74% this week.

Orders for non-defense capital goods (excluding aircraft) - a key indicator of business spending plans - rose 0.5% last month, above the 0.1% gain economists had forecast, the Commerce Department said.

A separate report from the University of Michigan (USA) shows that the country's consumer confidence index increased in October to 70.5 points, exceeding the forecast of 69 points, while inflation expectations decreased to 2.7%.

The US dollar is on the rise thanks to positive economic data, easing expectations about the pace of Fed rate cuts, while pushing US government bond yields higher.

* In an effort to support Republican candidate, former President Donald Trump, in the race to the White House, billionaire Elon Musk spent an additional $44 million on a political action group supporting Mr. Trump in the first half of October.

The amount was disclosed in a report filed with the Federal Election Commission by America PAC, a political action committee founded by Tesla CEO to fund Trump.

Previous reports showed that billionaire Musk transferred about 75 million USD to this group between July and September.

Source: https://baoquocte.vn/us-2024-usd-win-big-win-win-mr-trump-gets-more-money-fed-dua-nhan-dinh-moi-ve-kinh-te-291469.html