HONG KONG (AP) — Global shares fell Monday and U.S. futures and the dollar also weakened after Moody’s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

Moody's downgrade of the U.S. sovereign credit rating late Friday appeared to have a modest impact on corporate bond market activity on Monday, as spreads widened slightly and new bond sales started the week softer than expected.

In a separate interview on Fox Business Network’s “Mornings with Maria” on Monday, Hassett called U.S. debt “the safest bet on Earth,” but similarly said that the new rating is “backward looking” and is “penalizing us for all the reckless spending of the Biden administration” — all while predicting an economic “liftoff.”

Investors will get the first chance to react to Moody’s downgrade of the U.S. credit rating late Friday over rising government debt and they’ll also look for more progress from President Trump on trade deals as the week kicks off.

Moody's downgrade of the U.S. sovereign credit rating has elicited mixed responses among Republicans in Congress, with some questioning the motive behind the change and others depicting it as a warning that lawmakers should heed as they wrestle with a sweeping tax and budget bill.

Moody’s Ratings downgraded the United States’ debt on Friday, stripping the country of its last perfect credit rating. The move could rattle financial markets and push up interest rates.Video above: Best money moves to make right now in a volatile ...