SECRETARY STATEMENTS & REMARKS Statement by Secretary of the Treasury Janet L. Yellen August 1, 2023 WASHINGTON - Secretary of the Treasury Janet L. Yellen issued the following statement on the recent decision by Fitch Ratings. “I strongly disagree with Fitch Ratings’ decision. The change by Fitch Ratings announced today is arbitrary and based on outdated data. Fitch’s quantitative ratings model declined markedly between 2018 and 2020 – and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision. Many of these measures, including those related to governance, have shown improvement over the course of this Administration, with the passage of bipartisan legislation to address the debt limit, invest in infrastructure, and make other investments in America’s competitiveness. Fitch’s decision does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong. Over the past few years, the United States has undergone a historically fast economic recovery from a deep recession. Today, the unemployment rate is near historic lows, inflation has come down significantly since last summer, and last week’s GDP report shows that the U.S. economy continues to grow. The American economy remains the world’s largest and most dynamic economy, with the deepest and most liquid financial markets in the world. To build on this, President Biden and I have been focused on making critical investments in our country’s core economic strength and productive capacity. President Biden and I are committed to fiscal sustainability. The most recent debt limit legislation included over $1 trillion in deficit reduction and improved our fiscal trajectory. Looking forward, President Biden has put forward a budget that would reduce the deficit by $2.6 trillion over the next decade through a balanced approach that would support investments for the long-term.” ###
Is Secretary Treasury Yellen talking ike a banker from a 3rd world country -No. I totally agree with her. Fitch is out to lunch on this one and the downgrading is completely outdated and does not reflect the current state of the economy at all. Oh well I can't complain, because of its retardedness (pun intended) it created some much-needed volatility and I am making some good money so far, unexpectedly. Fitch should be retarded more often.
%% WOW, looks like Fitch understated it + where are Moodys + S&P?? Wasn't she the lady that promised all in UKRAINE pension plan a bail out?? Unreal + unreal ''balanced , + reduce'' remark Thank God she doesn't run Fitch or S&P....................................................
It's her job to say such things. What kinda market reaction do you think it would start if she would be honest?
Yup. Idiots talking about the economy currently when "It's the ginormous loooong term debt stupid". Like at the moment saying on a cloudy, rainy day - global warming, what global warming?