DeFI News by Thebittimes.Com

The de-dollarization phenomenon is once again gaining swift momentum as the world unites forces against the US dollar. With escalating geopolitical tensions and narratives, the US dollar is displaying a volatile stance. Coupled with its heavy weaponization, the world is now questioning whether it truly needs the US dollar for the long haul. In addition to this, several alliances, such as BRICS and ASEAN, are voicing their case for a local currency hegemony, thereby bolstering the multipolar currency narrative. In the midst of it, Bank of America has revealed two prominent reasons why ASEAN is pioneering this agenda in full swing. Also Read: De-Dollarization Necessary: Unveiling The Risks Of A Strong US Dollar ASEAN’s De-Dollarization Dreams Source: Watcher Guru ASEAN has always been very vocal about its local currency narrative. The fact that the US dollar has been heavily weaponized has always irked the bloc, to the point where it has shared openly how it wants to reduce its dependenc...

Bank of America Global Research recently stated in a note that they anticipate the Federal Reserve raising interest rates to 6%. Not just for the US but for other countries throughout the world as well, rising inflation has been a worrying problem. Global central banks have been working hard to contain rising inflation and avert the threat of a recession. Also read: Crypto and SEC: Here’s How the SEC Brought its Crackdown Game in February 2023 The Fed has been boosting Interest Rates to bring inflation under control. However, the recent speculation by Bank of America is higher than the earlier expected interest rate of 5.4% by traders. JUST IN: 🇺🇸 Bank of America says Federal Reserve may increase interest rates to almost 6%. — Watcher.Guru (@WatcherGuru) February 28, 2023 Bank of America says strong US consumer demand will force interest rate hike According to Bank of America, the possibility of a rise in interest rates is likely due...