Moody’s Ratings has downgraded the deposit ratings of major U.S. banks, including Bank of America Corporation (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), and Wells Fargo & Company (NYSE:WFC), following the recent downgrade of the U.

The US is no longer a triple-A sovereign credit, but top banks think investors are focused on other market narratives, with volatility to be short-lived.

BofA analysts also note that a potential risk to their bearish USD outlook could come from benign US reciprocal tariff rate announcements. The recent US/China trade deal headlines indicated that easing tariff tensions could result in short-term USD rebounds.