Fitch Ratings has downgraded the United States’ sovereign credit grade from AAA to AA+ due to concerns over the nation's fiscal management. This has caused the VIX “fear index,” monitored by the Proshares Trust VIX Short-Term Futures ETF (NYSE:VIXY), to surge by 11%. Economists have varying opinions on the impact of this downgrade, with some predicting a mild recession in the U.S. economy in late 2023 and early 2024.