08/08/20213 Market Snapshot: The Fitch Downgrade

The markets were dealt a surprise this week when rating agency Fitch downgraded U.S. debt from AAA to AA+. Fitch stated that the move was due to “expected fiscal deterioration, a high and growing general government debt burden, and the erosion of governance”. In other economic news, the July Non-Farm payroll report on Friday brought a mixed outlook for the market. While the overall gain of 187,000 jobs was below expectations, wages grew faster than expected and are now up 4.4% on an annual basis.