Moodys downgrades JPM, BofA and Wells Fargo
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Long-term US borrowing costs surged to their highest level since late 2023 on Monday, as a fresh downgrade of the country’s credit rating and new fiscal legislation pushed bond markets into retreat and revived investor concerns over the sustainability of American debt, the Financial Times reported.
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Moody's downgrades top US lendersMOODY'S on Monday downgraded the long-term ratings of top American lenders such as JP Morgan Chase, Bank of America (BofA) and Wells Fargo after pushing the United States out of top triple-A rating club over its burgeoning $36-trillion debt.
The US already lost its top credit rating from S&P in 2011 ... Reddit (RDDT) is down more than -4% after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Move due to mounting concern over American debt rather than tariffs. Read more at straitstimes.com. Read more at straitstimes.com.
The average interest rate for a 30-year mortgage jumped back above the 7% threshold on Monday, with the increase coming after Moody's downgraded ... other analysts at Wells Fargo Investment ...