Treasury Secretary Yellen says surprising Fitch downgrade is 'entirely unwarranted'

WASHINGTON — Treasury Secretary Janet Yellen connected Wednesday denounced Fitch's decision to downgrade the United States' longstanding recognition standing that caused stocks to tumble.

Yellen, who spoke during a sojourn with Danny Werfel, commissioner of the Internal Revenue Service, called the determination "surprising" considering the nation's beardown economical betterment from the pandemic.

Fitch cited "expected fiscal deterioration implicit the adjacent 3 years," and "repeated debt-limit governmental standoffs" when it downgraded the nation's standing to AA+ from AAA.

"I powerfully disagree with Fitch's decision, and I judge it is wholly unwarranted," Yellen said. "Its flawed appraisal is based connected outdated information and fails to bespeak improvements crossed a scope of indicators, including those related to governance, that we've seen implicit the past 2 and a fractional years."

Yellen touted caller robust U.S. economical numbers, with implicit 13 cardinal caller jobs since January 2021, a near-historically debased 3.6% unemployment complaint and a monthly diminution successful wide yearly ostentation for the past year.

CNBC has reached retired to Fitch for remark connected Yellen's remarks.

"At the extremity of the day, Fitch's determination does not alteration what each of america already know: that Treasury securities stay the world's preeminent harmless and liquid asset, and that the American system is fundamentally strong," Yellen added.