This tweet from hedge fund manager and writer Doug Kass got a lot of attention today.
Dave Lutz of Stifel, Nicolaus sent the tweet around, noting that it could have been a contributor to early market weakness:
@DougKass: My Gnome hears the market has retreated from the morning highs based on rumour that Fitch plans to downgrade US debt. Interesting that Bonds are catching a bid, but well off session highs (Reminder, US Debt rallied sharply when S&P downgraded) – and the DXY is jumping (Same impact from S&P D’grade). E-minis testing Sesison lows at 1404 – Volume picking up slightly. My peeps on the ground telling me this chatter is totally unsubstantiated & coming out of Europe.
In respnse to the rumour, Fitch told Reuters that it likely woulnd’t take any action until the end of 2013.
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