The week has been a rollercoaster ride in the world of economics and finance. From the U.S. dollar’s status as the world’s reserve currency to the surge in oil prices, there’s a lot to catch up on. Let’s dive into the top stories that made headlines.

Scott Bessent: Dollar Must Remain ‘World’s Reserve Currency’

President-elect Donald Trump’s Treasury pick, Scott Bessent, has pledged to uphold the U.S. dollar’s status as the world’s reserve currency. During his prepared testimony, Bessent emphasized the importance of productive investment over wasteful spending and the need to secure supply chains. He also highlighted the careful use of sanctions to meet national security needs.

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5% Yields Fuel Demand For Long-Dated Treasury ETFs

Despite persistent bond market losses and rising macro uncertainties, the allure of 5% yields is driving investor inflows into long-dated Treasury ETFs. Last week, iShares 20+ Year Treasury Bond ETF saw a staggering $1.5 billion in inflows.

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Oil Prices Break $80, Reach 6-Month Highs

Oil prices surged this week, with West Texas Intermediate light crude rising about 4% to above $80 per barrel for the first time since mid-July 2024. This rally comes despite the announcement of a ceasefire in Gaza after a devastating 15-month war.

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China’s Economy Poised To Overtake US By 2035

Chinese economist Justin Lin Yifu reaffirmed his 31-year-old prediction that China's economy will surpass that of the U.S. within the next five to 10 years. He believes that U.S. economic growth has decelerated along with the sluggish growth in China’s annual gross domestic product.

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Ray Dalio Warns US Could ‘Go Broke’ As Debt Soars

Ray Dalio, founder of Bridgewater Associates, warned that the United States could "go broke" due to mounting government debt problems. The U.S. currently accounts for 34.6% of global debt, which stands at $102 trillion. Dalio’s warning comes as U.S. debt has surged past $36 trillion, with interest payments exceeding $892 billion in fiscal year 2024.

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This story was generated using Benzinga Neuro and edited by Ananya Gairola