White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating. Spot gold rose 1% to $3,234.70 an ounce by 1050 ET (1450 GMT).

U.S. stocks open lower after Moody's stripped the U.S. of its top credit rating. Treasury yields jump as investors demand more payout to hold US debt.

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.

Long-dated Treasuries fell on Monday as investor attention turned to the US ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.

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.