You Don’t Need A Ratings Agency To Tell You When It’s Raining

Authored by Simon White, Bloomberg macro strategist, Fitch’s downgrade of US sovereign debt tells us little we don’t already know about the US’s deteriorating fiscal outlook, explaining the muted reaction from Treasuries and the dollar. Fitch cited the rising total debt load, ongoing issues with debt-ceiling standoffs, and the possibility of a recession as reasons […] Source