U.S. Treasury Secretary Yellen Responds to Moody's Downgrade of U.S. Credit Rating: "I Don't Quite Believe Moody's"

BlockBeats News, May 18th, U.S. Treasury Secretary Yellen was asked about Moody's downgrade of the U.S. credit rating and said: "I don't quite believe in Moody's." (FX678)

Earlier reports stated that Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1 with a "stable" outlook. The reason for the downgrade is the continued increase in government debt and interest payment ratio, with the fiscal deficit expected to approach 9% of GDP by 2035. This is Moody's first downgrade of the U.S. rating since 1917, causing the U.S. to lose its AAA top rating from all three major credit rating agencies.