Moody's Ratings has downgraded the national credit rating of the United States by one notch, from Aaa (the highest possible level) to Aa1 (the second-highest rating), citing the increasing burden of financing the federal budget deficit and rising debt maturity costs amid persistently high interest rates.

Although Aa1 still falls within the top tier of credit ratings, this is the second-highest rating on Moody's scale. However, the downgrade could lead to an increase in U.S. government bond interest rates. Specifically, the yield on 10-year U.S. government bonds has risen by an additional 3 basis points, reaching 4.48% in after-hours trading.

And this is certainly not what President Trump desires.