Top economists and administration officials bashed Fitch's downgrade, calling it bizarre.
Even Nobel laureate and economist Paul Krugman was baffled about "that bizarre Fitch downgrade," as he posted on X.
"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.
Former Treasury Larry Summers slammed Fitch's downgrade on X, posting that the decision is "bizarre and inept" given that the American economy looks "stronger than expected."
Fitch flagged the risk of a US credit rating downgrade in May citing political "brinksmanship" in negotiations over raising the debt ceiling.
Persons:
Fitch, there's, bashed, Janet Yellen, Paul Krugman, Mohamed El, Erian, Treasury Larry Summers, Biden
Organizations:
AAA, Service, Allianz, Treasury, Dow Jones Industrial, Nasdaq
Locations:
Wall, Silicon