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Franziska Kraufmann/AP

The U.S. dollar has fallen close to 2% over the past week, capping a series of losses that has nearly wiped out the gains made since November. The dollar surged in value following the election, on the theory that promised stimulus spending would speed U.S. growth and force the Federal Reserve to raise interest rates at a faster pace to keep a lid on inflation. Here's why it's reversing course:

  • Divisions in the Republican Party are becoming more visible, and make it less likely that tax cuts and infrastructure spending will be delivered quickly, or at all.
  • The Federal Reserve recently raised interest rates, but comments from Fed officials have signalled that the pace of rate hikes won't increase soon.
  • The economies of Japan and Europe are faring better than just a few months ago, while European officials have suggested that the European Central Bank could raise rates too.

Go deeper

10 hours ago - Politics & Policy

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

12 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios