{"id":21277,"date":"2023-08-11T23:56:00","date_gmt":"2023-08-11T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=21277"},"modified":"2025-09-21T10:24:45","modified_gmt":"2025-09-21T02:24:45","slug":"us-credit-rating","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/","title":{"rendered":"US credit rating downgrade by Fitch, the reasons and implications"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#US_credit_rating_downgrade_by_Fitch_recap\" >US credit rating downgrade by Fitch recap<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#What_happened\" >What happened?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Fitchs_reason_for_downgrade\" >Fitch&#8217;s reason for downgrade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#US_Treasuries_Current_Rating\" >U.S. Treasuries Current Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#What_about_other_credit_rating_agencies\" >What about other credit rating agencies?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#My_articles_related_to_rating_agencies\" >My articles related to rating agencies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Content_in_my_book\" >Content in my book<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Related_posts_on_my_blog\" >Related posts on my blog<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Its_not_the_first_time_downgraded\" >It&#8217;s not the first time downgraded<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#S_P_did_the_same_in_2011\" >S&amp;P did the same in 2011<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Whats_the_difference_between_the_two\" >What&#8217;s the difference between the two?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Why_downgradeCompelling_reasons\" >Why downgrade?Compelling reasons<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Soaring_budget_deficit\" >Soaring budget deficit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Treasury_interest_out_of_control\" >Treasury interest out of control<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Bad_for_america_in_the_long_run\" >Bad for america in the long run<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#What_are_the_effects_after_the_downgrade\" >What are the effects after the downgrade?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#The_stock_market_plummeted_across_the_board\" >The stock market plummeted across the board<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#US_Treasury_yields_soar\" >U.S. Treasury yields soar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Mortgage_interest_rates_gap_up\" >Mortgage interest rates gap up<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/11\/us-credit-rating\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"US_credit_rating_downgrade_by_Fitch_recap\"><\/span>US credit rating downgrade by Fitch recap<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_happened\"><\/span>What happened?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/edition.cnn.com\/2023\/08\/01\/business\/fitch-downgrade-us-debt\/index.html#:~:text=Fitch%20Ratings%20downgraded%20its%20US,risking%20the%20nation&#039;s%20first%20default.\" target=\"_blank\" rel=\"noreferrer noopener\">Fitch announced on August 2, 2023 that it would downgrade the US government&#8217;s credit rating from the top &#8220;AAA&#8221; to &#8220;AA+&#8221;<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fitchs_reason_for_downgrade\"><\/span>Fitch&#8217;s reason for downgrade<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Fitch&#8217;s (private, not listed) rationale is as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;Fiscal deterioration is expected&#8221; over the next three years, and the government&#8217;s debt burden is high and growing.<\/li>\n\n\n\n<li>The U.S. government lacks a medium-term fiscal framework and has made &#8220;limited progress&#8221; in addressing rising costs for Social Security, Medicare and Medicaid.<\/li>\n\n\n\n<li>Over the past 20 years, the cycle of debt limit deadlocks and delays to resolve the crisis has repeated itself, which has eroded confidence in the government&#8217;s financial management.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"US_Treasuries_Current_Rating\"><\/span>U.S. Treasuries Current Rating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2011, Standard &amp; Poor&#8217;s (S&amp;P Global, ticker: SPGI) had already downgraded the rating of the United States to AA+ earlier. Among the three major credit rating companies, only Moody&#8217;s (ticker: MCO) still maintains the AAA rating in the United States.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_about_other_credit_rating_agencies\"><\/span>What about other credit rating agencies?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As early as May 2023, DBRS Morningstar had already put the AAA ratings of long-term foreign currency and local currency issuers in the United States on the negative watch list. In the same way, China Chengxin Credit Rating Group also downgraded the U.S. sovereign credit rating from AAAg to AA+g.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"My_articles_related_to_rating_agencies\"><\/span>My articles related to rating agencies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Content_in_my_book\"><\/span>Content in my book<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Credit ratings are extremely important for businesses, especially for companies and countries. As I introduced in Section 2-2 my book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8220;, the three major corporate credit rating agencies, Standard &amp; Poor&#8217;s, Moody&#8217;s, and Fitch, are well-known in the corporate world and the capital market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_posts_on_my_blog\"><\/span>Related posts on my blog<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the field of individual consumers, there are also three major consumer credit rating companies in the United States. Their main business is to evaluate personal credit ratings. Their status is like Taiwan\u2019s Financial United Credit Information Center, and China\u2019s Baihang Credit Information or Sesame Credit under Ant Group.<\/p>\n\n\n\n<p>I suggest you refer to the following two posts of mine:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/09\/3-consumer-credit-rating\/\">Three major consumer credit rating companies Equifax, Experian, and TransUnion<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/08\/29\/fair-isaac\/\">Fair Isaac, one of the most important listed companies in the US consumer finance industry<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Its_not_the_first_time_downgraded\"><\/span>It&#8217;s not the first time downgraded<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"S_P_did_the_same_in_2011\"><\/span>S&amp;P did the same in 2011<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2011, the S&amp;P 500 plummeted 5.7% in August and another 7.2% in September, but in October the index returned to the price before the S&amp;P downgrade.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_the_difference_between_the_two\"><\/span>What&#8217;s the difference between the two?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>But looking back to 2011, when Europe was in the midst of a sovereign debt crisis, the financial market was already filled with a chilling atmosphere, and investors were strongly averse to risks. However, even in that atmosphere, the downgrade by S&amp;P did not have much immediate impact. Investors instead piled into U.S. asset markets amid market turmoil, and U.S. Treasury yields fell (and prices rose) by the end of the year. Part of the reason was that the U.S. economy was relatively strong at the time, in stark contrast to the precariousness of the European Union.<\/p>\n\n\n\n<p>In 2023, this time, the U.S. financial market is in full swing, doubts about the U.S. slipping into recession are fading, and the focus at this moment is on the most violent wave of interest rate hikes by the Federal Reserve (Fed) in decades Whether circulation can put out the fire of inflation. From this perspective, what the Fed will do next will have a far greater impact on US interest rates than Fitch&#8217;s downgrade.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_downgradeCompelling_reasons\"><\/span>Why downgrade?Compelling reasons<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Soaring_budget_deficit\"><\/span>Soaring budget deficit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The US deficit is expected to reach US$1.7 trillion in 2023, which is equivalent to 6.5% of GDP, and this ratio is 5.5% in 2022.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Treasury_interest_out_of_control\"><\/span>Treasury interest out of control<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The current interest rate is higher than that in 2011, the future economic growth rate is lower than that in 2011, and the difference between the real interest rate and the economic growth rate is about zero. That makes interest payments a growing source of the deficit, with interest payments climbing to 3.7% of GDP in the U.S. by 2033, up from 1.9% last year.<\/p>\n\n\n\n<p>Even stronger evidence: By 2025, the U.S. will spend 10 percent of federal revenue on interest payments, compared with an average of just 1 percent for AAA-rated countries and 4.8 percent for AA-rated countries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bad_for_america_in_the_long_run\"><\/span>Bad for america in the long run<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>So why hasn&#8217;t the U.S. credit rating been lowered further? The reason is that the U.S. dollar&#8217;s reserve currency status and the size and safety of the U.S. national debt have given the U.S. unprecedented borrowing power.<\/p>\n\n\n\n<p>But now countries around the world feel that the United States has repeatedly used the US dollar as a weapon in recent years, and has arbitrarily confiscated the huge US dollar assets of other countries; Although the progress is very slow, it is true that in the past few years, except for the important allies of the United States such as Western Europe and Northern Europe; countries around the world, regardless of size, have been de-dollarizing.<\/p>\n\n\n\n<p>Coupled with the rise of China, a heavyweight country with an economic scale and national strength comparable to that of the United States has finally emerged in the world in the past century, which has enabled de-dollarization to be implemented. Investors can refer to the analysis of my previous post: &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/28\/sino-us-confrontation\/\">Will Sino-US confrontation, de-globalization, and de-dollarization affect the long-term investment value of US stocks?<\/a>&#8220;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_effects_after_the_downgrade\"><\/span>What are the effects after the downgrade?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_stock_market_plummeted_across_the_board\"><\/span>The stock market plummeted across the board<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The second day after the U.S. was downgraded by Fitch, the Nasdaq fell 2%, the S&amp;P 500 fell 1.38%, the Dow fell 0.98%, and Fei Banzhong fell 3.80%. VIX climbed to a new high in 5 months, 10 years U.S. Treasury yields rose above 4.10%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"US_Treasury_yields_soar\"><\/span>U.S. Treasury yields soar<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is the same as the impact on the company&#8217;s corporate debt after the company&#8217;s credit rating is downgraded. After the credit rating of the United States was downgraded, the interest rate of the U.S. government&#8217;s treasury bonds will of course rise. As a result, the yield of U.S. Treasury bonds soared, and the 10-year U.S. bond yield immediately rose above 4.10%, which would increase the cost of borrowing funds in the market, which is not conducive to the operation of enterprises, and will also increase the cost of personal borrowing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mortgage_interest_rates_gap_up\"><\/span>Mortgage interest rates gap up<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Among them, the scope and amount of influence are the largest, and the most obvious and important indicator is that the interest rate of the mortgage immediately jumps up. U.S. mortgage rates have risen above 7%, hitting a nine-month high and approaching a 22-year high. According to data from the Mortgage Bankers Association, in the week ended August 4, the average 30-year fixed mortgage rate in the United States surged 16 basis points to 7.09%, the highest since November last year, while writing the second highest level since 2001.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"124\" height=\"85\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/08\/us-rate-1600x1200-1.jpg\" alt=\" US credit rating\" class=\"wp-image-21278\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.bing.com\/search?pglt=299&amp;q=US+credit+rating+downgrade+by+Fitch%2C+the+reasons+and+implications&amp;cvid=a98b4c4ac7554a71b331287330439829&amp;gs_lcrp=EgRlZGdlKgYIABBFGDkyBggAEEUYOTIHCAEQ6wcYQNIBBzgzN2owajGoAgCwAgA&amp;FORM=ANSPA1&amp;PC=CNNDDB\" target=\"_blank\" rel=\"noopener\">US credit rating downgrade by Fitch, the reasons and implications<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/20\/indicators-interpret-market\/\">Indicators helps to interpret the direction of stock market and economic climate<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/05\/should-not-trust-forecasts\/\">Investors should not trust forecasts<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/19\/us-inflation-rate-querier\/\" target=\"_blank\" rel=\"noreferrer noopener\">Querier of US Inflation Rate<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/13\/market-rise-after-rate-cut\/\" target=\"_blank\" rel=\"noreferrer noopener\">Will Fed rate cut gurantee stock market rise?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/27\/currency-exchange-risk\/\">Should investors care about currency exchange risk when investing in US stocks?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/27\/inflation-reduction-act\/\">The impact of the Inflation Reduction Act on US stocks<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/29\/inflation-and-rate\/\">Tax, inflation and rate are the top three serious killers to investors<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/04\/how-investors-should-look-at-economic-trends-and-forecasts\/\">How investors should look at economic trends and forecasts?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/03\/sahm-rule-100-accurate\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sahm Rule, a 100% accurate recession indicator, was triggered<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/27\/buffett-indicator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Powerful and persuasive Buffett indicator, whether market is overheat<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Fitch announced on August 2, 2023 that it would downgrade the US credit rating by one notch from the top AAA to AA+<\/p>\n","protected":false},"author":1,"featured_media":21278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[109,321,404,173,407],"tags":[152,153,154],"class_list":["post-21277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-rate-agent","category-bond","category-economics","category-interest","category-interest-rate","tag-fitch","tag-mco","tag-spgi"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/21277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=21277"}],"version-history":[{"count":16,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/21277\/revisions"}],"predecessor-version":[{"id":38710,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/21277\/revisions\/38710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/21278"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=21277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=21277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=21277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}