The move came as Republicans seek to approve a large package of tax cuts, spending hikes and safety-net reductions which could add trillions of dollars in U.S. debt.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

Moody’s warns that a much larger number of economies will suffer indirectly through slowing economic growth, declining commodity prices, depreciating currencies, and rising investor risk aversion.

Moody's downgrade of the U.S. sovereign credit rating late Friday appeared to have a modest impact on corporate bond market activity on Monday, as spreads widened slightly and new bond sales started the week softer than expected.

Treasury Secretary Scott Bessent downplayed concerns over the US’s government debt and the inflationary impact of tariffs on companies including Walmart Inc., saying the Trump administration is determined to lower federal spending and grow the economy.

U.S. stock futures point to a lower open, a day after stocks made a comeback to close higher despite Moody's stripping the U.S. of its top AAA rating.

Wall Street stocks edged higher Monday (May 19) after shrugging off a spike in US Treasury bond yields following Moody's downgrade of the US credit rating. But yields subsequently eased as

White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.