Moody, America
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Wall Street is on edge about American investments again after receiving a significant warning about the safest of all safe havens: US debt.
Investors sold U.S. government bonds and the dollar on Monday amid concerns about the U.S. fiscal picture. Stocks edged higher.
(Reuters) - Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase, Bank of America and Wells Fargo, after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.
Moody’s Ratings cut its ratings for deposits at some of the biggest banks, including Bank of America Corp., JPMorgan Chase & Co., citing Friday’s downgrade of the U.S. and the government’s weakened ability to support the firms.
Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.
U.S. stocks open lower after Moody's stripped the U.S. of its top credit rating. Treasury yields jump as investors demand more payout to hold US debt.
U.S. stocks, bonds and the value of the U.S. dollar are drifting on Monday following the latest reminder that the U.S government seems to be hurtling toward an unsustainable mountain of debt. The S&P 500 was up 0.