Rating agency Egan-Jones Friday cut the United States’ sovereign credit rating to ‘AA-’ from ‘AA’ citing its opinion that the third round of quantitative easing announced by the Federal Reserve Thursday “will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality.” Below is the text of the summary of Egan-Jones rating action: Up, up, and away – the FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the ... (full story)