More unintended consequences of a possible downgrade of U.S. debt:
Stocks lower midday: stocks took a turn lower midday about 2pm ET. Traders noting that Moody's announced they were placing select public finance credits of 162 local governments, 31 states, 14 housing finance programs and 1 university (whew!) on review for a possible downgrade of their AAA ratings. Why?
To "reflect the rating agency's assessment that some Aaa public finance ratings would likely be indirectly affected by potential credit deterioration of the sovereign."
- Live Blog: Countdown to Debt 'D-Day'
- If US Defaults, Stocks Fall 30%, GDP 5%: Credit Suisse
- US Is 'Not a Triple-A Credit': David Stockman
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