[wnissen]

It does make you wonder what would cause a downgrade. The debates over the debt ceiling have certainly brought the U.S. closer to default than I would ever have thought. It's true that the U.S. can never run out of dollars, so in once sense it's not possible for a bondholder not to get paid back. But the political environment, the potential unreliability of previously iron-clad data, economic disruption from tariffs, and behavior from the Federal Reserve, these all seem to make an unlikely event much more likely.