Viewpoint: The US "Beautiful Big Act" intends to vigorously develop the US dollar stable currency and put pressure on the Federal Reserve to cut interest rates
PANews reported on June 28 that according to Yahoo Finance, the recent US budget bill "The Big Beautiful Bill" is likely to pass the vote and become law. Federal Reserve officials including Federal Reserve Board Governor Waller unexpectedly proposed a possible interest rate cut in July, and the Federal Reserve Board began to discuss the requirement to relax bank supervision.
Deutsche Bank said the main contents of the plan include: the transfer of ownership of U.S. Treasury bonds from foreign investors to domestic investors, increasing domestic financial repression, vigorously promoting the U.S. dollar stablecoin, putting pressure on the Federal Reserve to cut interest rates and significantly weakening the U.S. dollar. George Sarevelos, head of global foreign exchange research at Deutsche Bank, said in a recent report that these events seem unrelated, but in fact they indicate that the U.S. macroeconomic policy mix may undergo major changes in the next few years. They call this shift the "Pennsylvania Plan," named after the street where the U.S. Treasury is located in Washington, D.C., and say the plan is designed to help the U.S. government cope with its huge debt.
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