U.S. Treasury yields were mixed Wednesday after Fitch Ratings downgraded the U.S.' long-term foreign currency issuer default rating.
yield was up by less than a basis point to 4.1055%.cut the U.S.' long-term foreign currency issuer default ratingThe agency referenced "fiscal deterioration over the next three years" as well as issues with governance standards and pressures related to growing general debt. Fitch had first placed the U.S. on negative watch during the debt ceiling crisis earlier this year and referred to the tensions on Tuesday.
"The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," it said.that could provide clues about what is ahead for the U.S. economy and monetary policy. ADP's employment change report for July is due Wednesday. Economists surveyed by Dow Jones are expecting an increase of 175,000, far below June's 497,000 jump.
Further reports on the state of the labor market are due later in the week. The figures could inform the Federal Reserve's next policy moves, especially regarding interest rates. The central bank has been hiking interest rates since early 2022 in an effort to ease inflation and cool the economy, including the labor market. In recent months, Fed officials have repeatedly indicated that policy shifts ahead will
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