Fitch Ratings Hears The Bears' Call
T-bill downgrade couldn't kill the bull. Next stop, America's favorite banks!
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Bull Train Unimpeded Still
Markets have proven exceptionally resilient to the news in 2023, proving if it were needed that markets don’t respond to the news. (Because what counts as news isn’t in fact new to anyone sat in the halls of Big Money pushing markets around. As we noted in this recent post).
Fitch’s US sovereign debt downgrade cause a furore for, oh, about three hours in equity markets, before the bull train got up a head of steam once more. Today comes news from, er, Fitch, that America’s favorite banks are skating on thin ice.
“May be forced” lol. By whom, we are not sure.
Anyway, as always we prefer to look at equities pricing by, you know, looking at equity prices, since the price makers most certainly aren’t planning their moves based on what CNBC told them this morning.
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