Credit

The US credit downgrade by Moody's wasn't a huge surprise, as they are just playing catch-up to what other ratings agencies already did. The complacency in the market in response to the downgrade is recently, as it sparks an opportunity to talk about the dollar as the world's reserve currency. In the same week, a JPMorgan investor day provided an excellent opportunity to dig into the wisdom of not just Jamie Dimon, but CFO Jeremy Barnum as well. Aside from some insights into JPMorgan's view on the economic outlook, Barnum delivered an absolute masterclass in capital allocation.