Fitch downgrades US credit rating, global markets plunge
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August 2, 2023
Credit rating agency Fitch has downgraded the US government's credit rating from AAA to AA+ due to concerns about the country's finances and debt burden. This has caused global markets to plummet and investors to reconsider their portfolios. The downgrade has raised concerns about the health of the US public finances and its impact on funding pipelines. It has also led to a flight to safety among investors and increased demand for safe-haven currencies. The full implications of the downgrade on the global economy and gold prices remain uncertain, but it has introduced a new level of uncertainty and volatility into the financial markets.