• Fitch’s downgrade of the U.S. credit rating a dozen years after S&P did the same…gives a whole new meaning to “skating behind the play.”  That doesn’t make the downgrade wrong, but it sure makes it late.
  • With this in mind, we’re not worried about the downgrades’ impact.  That said, there ARE some developments to be concerned about…including the recent rise in Treasury yields and the steepening of the yield curve.  (That’s right, the steepening of the yield curve…from an inverted position…is bearish, NOT bullish for the stock market.)
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