Treasury Disputes U.S. Downgrade

    Dollar weakens.File photo dated 30/11/2006 of a bundle of $100 bills lying on the counter at the 'TT Foreign Exchange' Bureau de Change, on Oxford Street in London. The dollar continued its decline against the world's major currencies today as traders braced themselves for more action to prop up the US recovery. Issue date: Friday October 15 2010. Earlier this week, minutes from a meeting of the US Federal Reserve revealed the central bank was leaning towards pumping more money into the world's biggest economy - known as quantitative easing (QE) - in a bid to jump-start growth. See PA story CITY Dollar. Photo credit should read: Clara Molden/PA Wire URN:9625968 (Press Association via AP Images)

    Clara Molden

    An intense back-and-forth has started between the U.S. Treasury and Standard & Poor's, after the rating agency downgraded the nation's credit rating for the first time in 70 years. A senior Treasury official told China's Xinhua news agency that S&P's "analysis is poorly and hastily done," and acting assistant secretary for economic policy, John Bellows, also lashed out at the agency on a blog post. Prior to Bellows’ comments, S&P staunchly defended its decision Saturday, saying the downgrade analysis was "objective."

    Read it at Economic Times