Fitch Ratings downgraded the United States’ long-term foreign-currency issuer default rating from AAA to AA+ last Tuesday, removing the “negative” rating watch and assigning a “stable outlook” label instead. (It’s like saying we were a shaky No. 1 but now a solid No. 2.) The downgrade is most likely a result of the most recent debt ceiling standoff and stopped the markets dead in their tracks.

Data released late last week seemed to back up Powell’s statements. The first reading of second-quarter gross domestic product (GDP) was released just after the Fed’s meeting. The U.S. economy grew by 2.4% in the second quarter, up from 2.0% in the first quarter and above expectations of 1.8%. Meanwhile, durable goods orders jumped 4.7% in June.

Last week was a quiet one for trading, and markets seemed to be holding their breath in the days leading up to this week’s Federal Reserve meeting. Although it wasn’t a stellar performance week