The weekend news hasn't been great for market confidence
The weekend started off with a bang as the US credit rating was downgraded by Moody's late in the day. That will start things on a soft footing but a few developments afterwards also aren't promising:1) Bessent's reaction to the downgradeWhen he campaigned for the job of Treasury Secretary, Scott Bessent repeatedly highlighted the poor US fiscal trajectory as his defining reason for taking the jobs. Something about politics seems to have changed that.
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