As 2023 comes to a close, the US economy has started its long road to recovery, with interest rate hikes finally slowing. The FED has remained optimistic that interest rates will see cuts next year as inflation of the US dollar slows, despite ongoing threats from BRICS. With the BRICS bloc growing as well as its mission for de-dollarization, a major US Bank is predicting the future of the US Dollar.
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Bank of America Predicts US Dollar’s Future Against BRICS
Bank of America, one of the leading banks in the United States, remains optimistic for the US Economy and the future of the US dollar against BRICS. In September, CEO Brian Moynihan highlighted that the bank’s financial strategists expected a soft landing for the US economy rather than a recession. Now, with inflation slowing back under control, the optimism remains.
Additionally, BRICS has been adamant in the past that the biggest threat to the US Dollar would be on American soil, not overseas. The US Dollar has been the powerhouse currency for global trade for nearly a century. However, BRICS expansion has made things much more interesting in the battle between BRICS and the US Dollar. With more countries joining the side of ending the US dollar’s hold on the world, the threat is bigger than it was when Bank of America’s CEO made his original comments.
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The BRICS alliance has a long-term goal to ditch the greenback and put forward their local currencies for trade. Therefore, the US dollar will now remain under constant threat from BRICS who aim to uproot its status as the global reserve currency.