Fitch cuts US credit rating a notch from AAA to AA+

The dollar ticked lower following the downgrade, which came two months after Democratic President Joe Biden and the Republican-controlled House of Representatives reached a debt ceiling agreement after months of political brinkmanship. The deal lifted the government's $31.4 trillion debt ceiling.

U.S. Treasury Secretary Janet Yellen said she disagreed with Fitch's downgrade, in a statement that called it "arbitrary and based on outdated data." “This was unexpected, kind of came from left field," said Keith Lerner, Co-Chief Investment Officer, Truist Advisory Services, Atlanta. "As far as the market impact, it’s uncertain right now. The market is at a point where it’s somewhat vulnerable to bad news...”

In a previous debt ceiling crisis in 2011, Standard & Poor's cut the U.S. top 'AAA' rating by one notch a few days after a debt ceiling deal, citing political polarization and insufficient steps to right the nation's fiscal outlook. Its rating is still 'AA-plus' - its second highest.

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