U.S. Credit Rating Cut....Again

The USA has had a AAA rating for it's entire debt history until a few years ago.  It was MAJOR news when it lost it's AAA rating.

The rating continues to be ratcheted down and last another notch yesterday....and it will barely make the news.

Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.

 

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. (Read more: Fed's 'QE Infinity' — Four Things That Could Go Wrong)

 

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar.

 

Here;  http://www.cnbc.com/id/49037337

 

Yep...all it will do is reduce the value of the dollar and raise the costs of food, fuel and other necessities.

 

No doubt the FED just entered uncharted waters for the FIRST TIME EVER.