U.S. Credit Rating Slashed Over QE3
Turns out, ratings agencies think that doubling-down on massive spending is a bad idea
Fearing the negative repercussions of the Federal Reserve's latest easy-money program, ratings firm Egan-Jones once again slashed the U.S.'s credit rating on Friday.
The latest downgrade brings the firm's rating on the world's largest economy down to "AA-," which is three notches below the coveted "AAA" threshold.
Egan-Jones said it believes the Fed's third round of quantitative easing, which sent stock prices surging on Thursday, "will hurt the U.S. economy and, by extension, credit quality."