Moody's downgrades US banks over funding risks as economic outlook darkens

• Fitch recently downgraded US sovereign debt rating from AAA to AA+ citing high deficits and debt burden.
• Moody's downgraded 10 regional banks and may cut ratings of major banks like BNY Mellon and US Bancorp.
• Downgrades driven by funding pressures, profitability decline, and commercial real estate risks from higher rates.
• Stock markets fell on news, indicating increased borrowing costs and potential impacts to economy.
• Move highlights growing concerns about mild recession in 2024 amid rising interest rates and inflation.

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