Economic Ripple: U.S. Credit Downgrade's Impact

The recent downgrade of the United States' AAA credit rating has not gone unnoticed, but White House economic adviser Kevin Hassett has been quick to minimize its implications.

Following the move by a major ratings agency last week, markets reacted with Treasury yields rising and a decline in both the dollar and stock index futures.

Despite the potential for economic shifts, Hassett noted that the downgrade was not unexpected, suggesting that market participants should not be taken aback by the development.

(With inputs from agencies.)