Fitch Ratings downgraded the US government’s top credit rating from AAA to AA+ on Tuesday, citing budgetary and political instability.

JPMorgan Chase CEO Jamie Dimon said the downgrade doesn’t matter much, as markets make big decisions, not ratings agencies.

The Biden administration called the rating “arbitrary” after the White House and Congress escaped a debt default by lifting the debt ceiling.

Dimon argued that the US should remove the debt ceiling but its credit is “sound” and should be the highest-rated credit in the world. Bank stocks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, lost 1% to 1.6%.