Fitch downgrading the U.S. credit rating for the second time in America’s history is “ridiculous” but in the end it “doesn’t really matter,” according to JPMorgan CEO Jamie Dimon.
The agency lowered the U.S. government’s credit rating on Tuesday from the top AAA grade to AA+, citing an “erosion of governance” that it said had manifested as “repeated debt limit standoffs and last-minute resolutions.” It also argued the country’s financial standing was likely to deteriorate over the next three years thanks to tax cuts, increased government spending, economic shocks and political division.
