Former Treasury Secretary Larry Summers called Fitch’s AAA-to-AA+ downgrade as “bizarre and inept,” adding that “the economy looks stronger than expected.”
“If anything, the data in the last couple of months has been that the economy is stronger than what people thought, which is good for the creditworthiness of US debt,” Summers said.and that his staff is no longer projecting a recession.
He certainly is not alone in the sentiment. Fellow economist Paul Krugman called Fitch’s downgrade “bizarre” and a “strange decision.” Fitch cited the Fed’s recent 25-basis-point tigtening as reason for the downgrade, as well as US lawmakers’ recent battle over the nation’s rising debt limit.Following Fitch’s decision, Moody’s Investor services is the only major credit ratings agency to keep the US credit at the top-notch AAA rating.
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