—Paul Krugman Top economist Mohamed El-Erian was equally perplexed, saying that the downgrade was a"strange move."
"I am very puzzled by many aspects of this announcement, as well as by the timing," wrote El-Erian, the chief economic adviser to German financial services giant Allianz. He was previously the CEO of US bond-fund giant Pimco."This announcement is more likely to be dismissed than have a lasting disruptive impact on the US economy and markets," El-Erian added.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: