I was kind of anticipating this to happen in June but it got delayed by couple of months. Now that one agency has done it, others will follow suit.
2011 was the last time when S&P downgraded US debt and US mrkts fell 20%.
Let’s see whether market will take this event seriously or see it as a non event.
What’s going to more interesting is how this will impact dollar over the coming 1-2 years with all the dedollarization talk
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