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Turbulence Brooding in Global Economy As Fitch Downgrades US
#1 · August 2, 2023, 12:25 PM
Unprecedented: "The United States’ top credit rating was on Tuesday downgraded by rating agency Fitch, stirring a ripple across markets and instigating circumspection response from investors...Fitch downgraded the US credit rating from AAA to AA+"
In my 3rd year in FUTO, we had a young Jambite in the hostel, Emeka (nicknamed Tupac), who liked one song - day, night and every time. It was the Fugees with lyrics “killing me softly”. I would tell Emeka jokingly: “Listen, it is still a “kill” even though it is done softly!”
Yes, if Fitch can downgrade the US, it is time to pay attention because the issues are no more political hyperboles. We hope S&P Global and Moody’s do not follow along, otherwise, you can witness turbulence in the global economy!