Among the three major global rating agencies, Moody's is the only one that still maintains the highest rating for U.S. sovereign debt. It has recently adjusted its rating outlook from stable to negative, primarily due to persistently high interest rates combined with a massive fiscal deficit, along with the current situation of Congress being at odds with each other. In fact, the temporary funding bill in the U.S. is set to expire on November 17 local time. This means that the U.S. Congress has less than a week to avoid a government shutdown.

In the three years of the pandemic, the amount of new debt in the U.S. has equaled the total new debt from the previous ten years before the pandemic. Will issues such as the debt ceiling, bond issuance, and spending cuts entangle the economy and equity assets in the election year next year?

Among the three major global rating agencies, Moody's is the only one that still maintains the highest rating for U.S. sovereign debt. It has recently adjusted its rating outlook from stable to negative, primarily due to persistently high interest rates combined with a massive fiscal deficit, along with the current situation of Congress being at odds with each other. In fact, the temporary funding bill in the U.S. is set to expire on November 17 local time. This means that the U.S. Congress has less than a week to avoid a government shutdown. In the three years of the pandemic, the amount of new debt in the U.S. has equaled the total new debt from the previous ten years before the pandemic. Will issues such as the debt ceiling, bond issuance, and spending cuts entangle the economy and equity assets in the election year next year?

The United States' rating outlook has been downgraded, and the government is once again on the brink of a "shutdown"?

债务上限协议的达成从短期来看有利于安抚市场情绪，消除不确定性，但中长期由于对资金面的影响，将有可能对市场造成压力，同时，由于货币政策和财政政策的 “一松一紧”，将会令美国经济再度陷入更为复杂的局面。