DOGE Failure Underscores Size of Fiscal Task for Bessent
Dow Jones
Aug 24
0534 GMT - The U.S. Dollar Index remained heavy near 98.8 points in Asia, says Samara Hammoud, foreign-exchange strategist at CBA. Concerns about U.S. fiscal dominance, the sustainability of government debt, and U.S. dollar debasement appear set to continue to weigh on the currency this week, she adds. Treasury Secretary Scott Bessent has raised expectations that a budget consolidation program will be released this week. However, the poor experience with DOGE, the Department of Government Efficiency, in 2025 illustrates how difficult it is to rein in government spending or raise taxes, Hammoud adds. A modest consolidation would disappoint market expectations and further weigh on the U.S. dollar, she says.
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