Calpers sues rating companies over $1 billion bond losses
The U.S.'s largest pension fund, California Public Employees' Retirement System, has filed against Moody's, Standard & Poors and Fitch claiming that they are responsible for over $1 billion of losses caused by their wildly inaccurate risk assessments.
Moody's cuts California bond credit rating
California's credit rating, the lowest of all U.S. states, was cut for the second time from A2 to Baa1 and said it could be reduced further if legislators fail to address the state's current cash problem.
U.S. consumer prices rise 0.7 percent in June
The consumer price index increased 0.7 percent in June following a 0.1 percent advance in May. The increase matched analysts' expectations, as gasoline prices rose, the Labor Department reported Wednesday.