Treasury Sec. Yellen denounced Fitch’s decision to downgrade the United States’ longstanding credit rating: “I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted.”
"I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said. "Its flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, including those related to governance, that we've seen over the past two and a half years."
Yellen touted recent robust U.S. economic numbers, with over 13 million new jobs since January 2021, a near-historically low 3.6% unemployment rate and a monthly decline in overall annual inflation for the last year."At the end of the day, Fitch's decision does not change what all of us already know: that Treasury securities remain the world's preeminent safe and liquid asset, and that the American economy is fundamentally strong," Yellen added.
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