Warren Buffett comments on the US credit rating downgrade š
"There are some things people shouldn't worry about," he said. "This is one of them."
Buffett said: We bought $10 billion of Treasuries this Monday. And the only question for next Monday is whether we buy three-month or six-month $10 billion Treasury bonds.
Ratings firm Fitch said on Tuesday: We expect fiscal deterioration over the next three years and rising debt. The downgrade thus triggered a sell-off in US stocks. The S&P 500 index fell 1.38% on Wednesday.
Buffett noted that these concerns are legitimate and said he disagrees with everything the federal government is doing. But that doesn't mean he's going to change his views on U.S. Treasuries and the dollar.
"The dollar is the reserve currency of the world and everybody knows it," Buffett said.
