2023-08-02 16:41:49 ET
JPMorgan Chase CEO Jamie Dimon said Fitch's downgrade of the U.S. to AA+ from AAA is "ridiculous."
"It doesn't really matter that much," Dimon said in a CNBC interview on Wednesday. "The markets decide. It's not the rating agencies that make these big decisions."
Dimon highlighted that there are several countries that are higher rated than the U.S., though the countries live under the American enterprise military system.
"To have them be AAA and not America is kind of ridiculous," Dimon told the business network.
The U.S. "has the best economy the world has ever seen, the most innovation," Dimon added. "The credit is sound. It should be the highest rated credit in the world."
Dimon said that the debt ceiling should be eliminated.
"It's used by both parties, and it's always used in a way that makes it very difficult," Dimon added. "We need certainty in the world, and we should have more of it."
More on U.S. Economy and Markets:
- Investors question timing on Fitch downgrade, see U.S. keeping 'safe haven' status
- How the stock market fared after the 2011 debt downgrade
- A look at U.S. Treasury yields and related ETFs
- The U.S. dollar holds up against most major currencies
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JPMorgan CEO Jamie Dimon says Fitch U.S. ratings downgrade is `ridiculous'