European markets are set to open choppy ahead of the Bank of England's rate decision, expected midday Thursday.
Treasury Secretary Janet Yellen said in a statement that she disagreed with Fitch's decision to downgrade the U.S.' debt.
"The change by Fitch Ratings announced today is arbitrary and based on outdated data," Yellen said in a statement. "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," Yellen added.CNBC Pro: Cost of hedging against a sell-off is at a 15-year low, Bank of America says.
The cost of hedging against a potential stock market downturn has hit a 15-year low, according to research by Bank of America. The Wall Street bank named a "cheap" options trade that will benefit investors if the S&P 500 fell by 10% over the next 12 months.
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