Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.

Tue, 08/08/2023 - 16:42

A screen displays Moody's ticker information as traders work on the floor of the New York Stock Exchange January 20, 2015. REUTERS/Brendan McDermid — A screen displays Moody's ticker information as traders work on the floor of the New York Stock Exchange
Thomson Reuters

Moody's slashed the credit ratings on 10 US banks on Monday.
It also put major lenders like Bank of New York Mellon and US Bancorp under review for potential downgrades.
Here's everything to know about the moves and what it says about the economic landscape.

On Monday, ratings agency Moody's lowered the credit ratings of 10 small- and mid-sized US banks by one rung, and placed a slate of larger firms under review for potential downgrades, with Bank of New York Mellon, US Bancorp, Northern Trust, and State Street among the bigger names.