Markets fell sharply to start the session after Fitch downgraded the US from AAA to AA+, citing the “deterioration in standards of governance” and failure to find a timely resolution to previous debt ceiling negotiations as the main reasons. Despite the shock caused by this downgrade, don’t expect the fallout to be like the one twelve years ago when S&P downgraded to AA+ following a similar debt ceiling standoff. Back in 2011, US indexes fell nearly 7% in one day, but the country was in a diffe…
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