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"The change by Fitch Ratings announced today is arbitrary and based on outdated data," Yellen said in a statement.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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Sarah Breeden, CBDC Working Group Member, Appointed Bank of England Deputy GovernorThe bankofengland has appointed longtime official Sarah Breeden to take over as deputy governor in November. Breeden is currently a member of the central bank's central bank digital currency task force, among other things. camomileshumba reports
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Bank of England rate dilemma holds little mysteryGovernor Andrew Bailey must decide on Thursday whether to raise borrowing costs by a quarter or half a percentage point. The choice will make little difference to the long-term path of interest rates. Inflation is falling and monetary policy alone cannot boost sluggish UK growth.
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Bank of England May Slow Pace of UK Rate HikesThe Bank of England is likely to boost interest rates again on Thursday, but a slowing in the pace of inflation may give policymakers scope to scale back the size of hikes.
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Bank of England set to raise rates for 14th time in a rowThe Bank of England is expected to raise interest rates to a 15-year high of 5.25% from 5% on Thursday, though there is a risk of a repeat of June's surprise half-point increase as inflation remains the highest of the world's major economies.
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Sterling falls to three-week low as traders await BoE decisionThe pound fell to a three-week low on Tuesday as investors digested economic data and looked towards an uncertain Bank of England interest rate decision on Thursday.
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BoE Preview: Forecasts from 10 major banks, 25 bps or 50 bps? That is the questionThe Bank of England (BoE) will announce its Interest Rate Decision on Thursday, August 3 at 11:00 GMT and as we get closer to the release time, here a
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