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The US dollar is enjoying its longest winning streak in nearly nine years.

(Bloomberg) -- The dollar’s recent strength has confounded naysayers, and according to some hedge funds, the rally isn’t over.Most Read from BloombergIndia’s Moment Has Arrived, and Modi Wants a New Global OrderFed Set to Double Its Economic Growth Forecast After Strong US DataStocks Retreat After Hot ISM Fuels Fed-Hike Wagers: Markets WrapSoaring US Dollar Raises Alarm as China, Japan Escalate FX PushbackChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsK2 Asset Management sa

The US Senate confirmed Adriana Kugler on Thursday to a management position at the Federal Reserve, making her the first Hispanic-American to serve on the seven-person governing body in its 110-year history."We congratulate Dr. Philip Jefferson on his confirmation as vice chair of the Federal Reserve Board of Governors, Dr. Lisa Cook on her confirmation for a full term and Dr. Adriana Kugler on her confirmation to join the board," American Bankers Association President Rob Nichols said in a stat

"After the unacceptably rapid price increases of the past several years, I’m not yet convinced that we’ve extinguished excess inflation." The Fed has raised its policy rate a total of 5.25 percent points since March 2022 in a battle against inflation that at its peak last year hit 7% by the Fed's preferred measure, the personal consumption expenditures price index.

The federal budget deficit is expected to balloon to about $2 trillion for fiscal year 2023, roughly double what it was in the previous fiscal year, according to a government watchdog group.