Fitch's Credit Downgrade Sends Wake-Up Call to US Government
TL;DR
Fitch, one of the major credit rating agencies, has downgraded the US government's credit rating from AAA to AA+ due to concerns over the country's finances and debt burden. The agency cited a "steady deterioration" in governance over the past 20 years. US Treasury Secretary Janet Yellen called the downgrade "arbitrary" and based on outdated data. While the timing and rationale behind the downgrade have surprised many economists, it is not expected to have a significant impact on financial markets. Fitch also predicts a mild recession for the US later this year.
- Fitch downgrades US credit rating from AAA to AA+ BBC
- Fitch's credit downgrade should be wake up call for the U.S. government, says B. Riley's Art Hogan CNBC Television
- Fitch downgrades US debt on debt ceiling drama and Jan. 6 insurrection CNN
- US Dollar Index: DXY ignores softer yields to reclaim 102.00 as sentiment sours on US credit rating cut FXStreet
- Statement by Secretary of the Treasury Janet L. Yellen Forex Factory
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