Photo: Crowbot, Flickr
Something to bear in mind as the day gets cranking up: There’s likely to be a lot of “headline risk” all day, especially in the US.S&P isn’t done.
After downgrading the US to AA+, it’s got more work to do, downgrading various states and other entities who implicitly depend on the US (in part) for its AAA rating.
None of this should be unexpected, but every time one of these headlines hits the Bloomberg, it will help to fray nerves even further.
And we probably haven’t heard the last of Italy, either.