Steven Hess News
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The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
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Gold and silver futures rebounded after Moody’s Investors Service said U.S. policy makers must address debt woes to avoid a credit-rating downgrade this year, boosting the appeal of the metals as a haven.
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U.S. policy makers must address debt loads projected to rise later this decade to avoid a 2013 downgrade, even as the latest budget projections are “credit positive,” according to Moody’s Investors Service.
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New Zealand’s government projected a small budget surplus in 2015, the first in seven years, as rebuilding earthquake-devastated Christchurch city bolsters economic growth and tax revenue.
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Australian Treasurer Wayne Swan will eschew European-style austerity as a stronger currency slows growth, wagering the government can win a Sept. 14 election fought on jobs and absorb the pain of a broken surplus promise.
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The U.S.’s Aaa credit ranking from Moody’s Investors Service is unlikely to change this year amid the presidential election and potential for a wave of tax increases and spending cuts to take effect, according to Steven Hess, Moody’s senior credit officer.
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President Barack Obama ’s plan to cut $4 trillion in cumulative deficits within 12 years may be a “positive” for the nation’s credit quality and mark a reversal in the budget debate, according to Moody’s Investors Service.
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New Zealand’s government finances are “relatively strong” even after deteriorating over the past two years, said Moody’s Investors Service, which in September affirmed the nation’s top-grade credit score.
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The U.S. government’s Aaa credit rating may face a downgrade review if there’s no progress on increasing its statutory debt limit, said Steven Hess , senior credit officer at Moody’s Investors Service.
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The U.S. would risk not winning back its top Aaa credit rating soon if a failure by Congress to raise the nation’s debt limit causes even a short-term default, according to Moody’s Investors Service’s senior credit officer.
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