PGIM Fixed Income's Chief US Economist Tom Porcelli discusses Fitch's decision to strip the US of its AAA credit rating. Porcelli explains that while the US's fiscal position is poor, the concerns raised in the debt downgrade were not new.

"The market reacted more to the economic report that was released the next morning than it did to the downgrade." - Tom Porcelli, PGIM Fixed Income, Chief US Economist