Yellen: Fitch Downgrades US Debt Unfairly

It is Elaborate Theater.. Kabuki Theater

Kabuki (歌舞伎, かぶき) is a classical form of Japanese theatre, mixing dramatic performance with traditional dance. Kabuki theatre is known for its heavily stylised performances, its glamorous, highly decorated costumes, and for the elaborate kumadori make-up worn by some of its performers.

Good morning: Quick note on the Fitch downgrade.

1. Yellen’s Immediate Response

2. Goldman’s take

3. ***Comment on the Yellen Kabuki reaction

1- Yellen’s Immediate Response

2- Goldman’s Trading Desk Comment

This is a Quick and Dirty summary from a Goldman trader today with various asset class reactions

Fitch Downgrades US Sovereign Rating

Fitch Ratings has downgraded the sovereign rating of the US to AA+ from AAA. They cite “the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers” as reasons for the downgrade. Follows on from negative watch on 24 May US