“Fitch signals it could downgrade U.S. credit rating”
NBC NEWS
One of the country’s three major credit rating agencies signaled Tuesday that it could downgrade the U.S. rating, citing the impasse in Washington over raising the debt ceiling.
Fitch Ratings put the U.S. government‘s AAA credit rating on “rating watch negative,” which means there’s a higher probability of a rating change, and that it could be negative.
“Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default,” the rating agency wrote in a statement.
S&P 500 futures fell 9.6 points while Dow Jones industrial average futures sank 60 points and Nasdaq 100 futures fell 7.5 points after the announcement Tuesday.
The three main credit rating agencies have all warned, in varying degrees, that the United States’ rating could be cut if it hit the Oct. 17 deadline when Washington is expected to run out of cash to pay its bills.
“Move over Merkel, Yellen may become world’s most powerful woman”
NBC NEWS
By Catherine Boyle, CNBC.com
FRANCK ROBICHON / EPA
Janet Yellen’s nomination to the post of Federal Reserve Board Chairman elevates her to the highest echelons of economic power, and may make her the most powerful woman on the planet.
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Bloomberg: Obama expected to nominate Jack Lew for Treasury Secretary
According to Bloomberg, President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.
