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The senior debt of U.S. Bancorp (USB) is downgraded to A1 from Aa3 by Moody's, "reflecting the...

The senior debt of U.S. Bancorp (USB) is downgraded to A1 from Aa3 by Moody's, "reflecting the inescapable challenges that even a well-managed and diverse banking franchise currently faces." Among those challenges are the Fed's ZIRP, Twist, and QE∞ which have crushed net interest margins. Also noted is the bank's increasing reliance on mortgage banking income, i.e., HARP.
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