Top officials, economists say Fitch's downgrade of the US economy is 'strange' and 'bizarre'
—Paul Krugman Top economist Mohamed El-Erian was equally perplexed, saying that the downgrade was a"strange move."
"I am very puzzled by many aspects of this announcement, as well as by the timing," wrote El-Erian, the chief economic adviser to German financial services giant Allianz. He was previously the CEO of US bond-fund giant Pimco."This announcement is more likely to be dismissed than have a lasting disruptive impact on the US economy and markets," El-Erian added.
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