Fear is back in the air. On Aug. 8, 2023, Moody's rating agency downgraded central U.S. banks due to weaker profits and increased funding risks. These include mid-sized to large banks like Citizens Financial Group (NYSE: CFG ), Commerce Bank (NASDAQ: CBSH ), States Street Corp (NYSE: STT ), and Ally Financial (NYSE: ALLY ). In addition, Moody's (NYSE: MCO ) also stated that they're reviewing banking giants like Truist Financial (NYSE: TFC ), BNY Mellon (NYSE: BK ), and others for a possible downward revision. This is due to the U.S. credit rating downgrade.