You can't make this up.
Fitch basically just said that the US needs better fiscal management.
The debt ceiling "crisis" was the straw that broke the camel's back.
When will we get a more sustainable system?
Follow us @KobeissiLetter for real time updates as this develops.
— The Kobeissi Letter (@KobeissiLetter) August 1, 2023
This is important because the US was split rated with Fitch and Moody’s at AAA and S&P at AA+
That meant despite the 2011 S&P downgrade, the US was still a AAA country. But now with the downgrade today, it is no longer the case.
— Jim Bianco (@biancoresearch) August 1, 2023
Fitch warns of ‘ U.S. fiscal deterioration’
The US’s credit rating has been cut to AA+ from AAA, in an unexpected blow to the world’s biggest economy.https://t.co/PhRqVIWEiv via @financialtimes #BREAKING_NEWS #news #credit pic.twitter.com/zN1OKiHOjn
— Mo Hossain (@MoHossain) August 1, 2023
The US Treasury released its latest borrowing estimate today.
There is no debt ceiling. pic.twitter.com/ObcSvg9MMP
— Joe Consorti (@JoeConsorti) August 1, 2023
NASDAQ FUTS FALL OFF A CLIFF FOLLOWING US CREDIT DOWNGRADE AT FITCH ###
— The_Real_Fly (@The_Real_Fly) August 1, 2023
I keep looking at this chart and asking myself…
Who is lying?
The answer is becoming increasingly evident.
Treasuries are breaking a key support today and are likely headed much lower.
It is worth noting the recent government announcement about issuing an additional $1.85… pic.twitter.com/7FJ99KItyQ
— Otavio (Tavi) Costa (@TaviCosta) August 1, 2023
61% of Americans say they are living paycheck to paycheck even as inflation cools https://t.co/m0MBnszP2k #inflation #inequality https://t.co/GsWed9uQlo
— Mo Hossain (@MoHossain) August 1, 2023