U.S. Budget Is Bigger Issue Than Ratings Downgrade; Treasury Yields Rise Further
1208 GMT – Moody's Ratings' downgrade of the U.S. to Aa1 may create near-term volatility, but the U.S. budget is an even bigger concern, says RBC BlueBay Asset Management's Russel Matthews. 'We are at a critical point with the progression of the 10-year plan for the U.S. budget through Congress,' the senior portfolio manager says in a note. RBC BlueBay says there seems to be limited desire or ability for U.S. politicians to present a roadmap for a serious reduction in the fiscal deficit.
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