John Authers, Columnist

Moody’s Blues Come for US Sentiment

It would be a mistake to be complacent about this downgrade.

May 19, 2025 at 5:00 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

The US of Aa1.
Photographer: Kent Nishimura/Bloomberg

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Moody’s has downgraded US sovereign debt from its triple-A rating, the last major agency to do so. Treasuries’ descent to less than risk-free status is complete. Does this matter, and should we care?