On US Treasuries, The Big Beauty & S&P 500 Earnings

The headlines were wrong: Global investors in US Treasury bonds didn’t beat a hasty retreat when Moody’s downgraded the US’s debt rating. A “Liz Truss Moment” it wasn’t. Asian investors and policymakers already knew what Moody’s had to say, William reports. So global demand for US dollars remains intact, though the dollar does face risks. … Also: Melissa shares her analysis of Trump’s tax-cut bill, which carries a hefty price tag. … And: Joe recaps data on which way the winds of industry analysts’ net estimate revisions have been blowing (hint: It’s not north).