During the election campaign, Trump defended fiscal balance, but since the beginning of the year the government deficit has grown by $173 billion compared to 2024.

This, added to the "Beautiful Tax Bill" that is being processed by the government, and which could increase the deficit by $5.2 trillion over the next 10 years, is the real reason, in my opinion, for Moody's downgrade.

Republican or Democrat, it doesn't matter, fiscal balance is no one's priority.

This Moody's downgrade may have minimal consequences for the stock market in the short term, but it strengthens the long-term thesis of rotation and divestment in the US.