Us treasury secretary janet yellen called the downgrade arbitrary and said Economic Conditions had improved under the biden administration. The news of the downgrade came after the close of trade on wall street but in asia investors have been pulling out of equities in reaction. Lets look at markets now in asia. Japan is currently down by over 2 . Hong kong not that far behind. This was off the back of yesterday, and most of this week we have seen the sharemarket, certainly wall street and asia having a strong session but this is certainly spooked sentiment. Lets discuss this with tom stevenson, whos an Investment Director at fidelity. Good morning. Janet woody allen saying this is arbitrary. I have her statement janet yellen and she said she strongly disagrees and says it is based on outdated data. That is based on outdated data. That is riuht. Is based on outdated data. That is right it is based on outdated data. That is right. It seems is based on outdated data. That is right. It s
Picture in germany and france. Claim of their implications. Francis of their implications. Francis female coppola joins us. Janet yellen says this is arbitrary, is it . I yellen says this is arbitrary, is it . 4 yellen says this is arbitrary, is it . ~. , yellen says this is arbitrary, is it . 4. , yellen says this is arbitrary, is it . ~. , , yellen says this is arbitrary, is it . 4. , ,. , it . I think what she is oining us is showing it . I think what she is oining us is showing a h it . I think what she is joining us is showing a deterioration it . I think what she is joining us is showing a deterioration in it . I think what she is joining us l is showing a deterioration in fiscal governance and asked two decades, so this isnt about what has happened on her watch, its work were also about repeated stand offs on the debt ceiling and short termism in fiscal Spending Plans going back a long time. find fiscal Spending Plans going back a loni time. , fiscal Spending Plans going back
Remember thatjust like most americans who have credit records when they want to borrow money and find out how much debt they can take on, the Us Government also gets a credit rating. When it gets downgraded like this, the potential long term effect as it could push up the cost for the Us Government of borrowing money, and in turn that might long run push up taxes, it could mean less spending by the government and could mean fewer government and could mean fewer government programmes in the future. We are not there yet, but that is the underlying fear. If you look at what they are trying to address here in this downgrade, or one of the concerns they cite, it is a problem that exists both in the past but also in the future, and that is rising Us Government debt. At the moment Us Government debt stands at in excess of 30 trillion and it is expected to exceed the total size of the us economy at some point. With that in mind, with this problem in sight, and with the political disunity we ha
game. we begin with the high-stakes summit where nato leaders are discussing a possible place for ukraine in the alliance s future. kevin corke has all the latest developments including what is upsetting ukraine s president. kevin: as you know from your time covering previous nato summit, there are lots are one-on-one breakouts of the sidelines. so this is hardly novel. but very few in recent memory will be as anticipated as the one that is set for tomorrow between president zelenskyy and our own president biden. the meeting comes against a backdrop of controversy given by the prophets recent decision to send cluster munitions to the war-torn country which a number of nato members have effectively banned because of concerns over the weapon s ability to harm civilians. the audience comes after mr. biden said ukraine was not ready for nato membership. so if you have been following the story for a while, that means reading which has finally cleared its last hurdle to receive n
jessica tarlov, jesse watters, and she fries her eggs on a bottle cap. dana perino. the five. the big guy has made up his mind. with his helicopter buzzing so loudly you could barely understand him, joe biden telling reporters how he has finally decided on a response to the iran-linked strike that killed three u.s. soldiers. yes. [indistinct] i do hold responsible supplying the weapons. these attacks in the past. what will be different? [indistinct] [indistinct] i don t think we need a wider war in the middle east. that s not what i m looking for. greg: good answer. what could joe be planning for iran? a nasty voice mail? put one of the radical mullahs in timeout? so far joe biden has been moved on the battle plans but his administration has given the rain is one heck of a heads-up, blinken and hinting it would be in stages over time and someone in the biden camp gave the media an advanced copy of the target. among the pentagon s options, a radian personne