Yellen said the downgrade failed to take into account a resilient US economy, with low unemployment, falling inflation.
US Treasury Secretary Janet Yellen has voiced more objections to Fitch Ratings’ downgrade of the main United States credit rating, calling it “entirely unwarranted” because it ignored improvements in governance metrics during the Biden administration and the country’s economic strength.
Speaking at an Internal Revenue Service contractor office near Washington on Wednesday, Yellen said the rating agency’s downgrade the previous day failed to take into account a resilient US economy, with low unemployment, falling inflation, continued growth and strong innovation.
“Fitch’s decision is puzzling in light of the economic strength we see in the United States,” Yellen said. “I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted.”
She said Fitch’s “flawed assessment”…