Hi, everybody.

Happy Monday.

It's 4 o'clock in New York.

A 1-2 punch from the real world for Donald Trump today.

Moody's, the apolitical credit agency, just gave Trump's economy a downgrade.

But for worries, his big, beautiful tax bill will add to the

U.S. debt. And Walmart's decision and announcement that it plans to raise prices to cover the cost

of Trump's tariffs earned them a schoolyard bully taunt from Donald Trump, who told Walmart to, quote,

eat the tariffs. The downgrade by Moody's puts an end to the last

AAA credit rating the U.S. had. Moody's citing the GOP tax bill currently being worked on by

Congress as adding to decades of mounting debt. New York Times reports it like this, quote,

one factor jarring markets is a bill in Congress that would make President Trump's signature

2017 tax cuts permanent and could add trillions of dollars to federal debt. The U.S. credit rating

downgrade and worries about debt and deficits could further upset financial markets if they begin to shake

the safe haven status of treasury bonds.

Here's what one Federal Reserve official told our friends, CNBC's Steve Leasman.

With that downgrade, it will have implications for the cost of capital and a bunch of other things.

And so it could have a ripple through the economy. Today, things are very much in flux. There's a lot of other things. And so it could have a ripple through the economy.

Today, things are very much in flux.

There's a lot of uncertainty.

One of the key drivers of that uncertainty, Donald Trump's tariff scheme.

As the country's largest retailer warns that prices there could go up as soon as the end of this month because of those tariffs.

...