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Worse credit rating is bad economic news. When there's bad economic news, the market tends to 'flee towards safety', and that means selling risky investments and buying treasuries. When the market is moving capital to treasuries, borrowing costs are reduced.

(Doesn't always happen like this, and may not have happened like this last time, but it's not uncommon)



> flee towards safety

The search term is "flight to quality", and Matt Levine was writing how it was a bit broken recently due to GOP messing around.




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