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US President Donald Trump’s signature tax bill passed the 435-member House of Representatives on Thursday morning by one vote. The sprawling, multitrillion-dollar package proposed by Republicans, which would (among many other things) slash funding for safety net programs in favor of extending tax cuts,

Bond yields have spiked this week on investor concern over the tax bill swelling the US deficit. Here's why markets are worried.

With the U.S. economy close to full capacity, more borrowing adds inflationary pressure, and so could lead the Fed to keep rates higher for longer.

From ho-hum debt auctions to plunging long-term bond prices, investors are sending a clear message to governments that in the current climate of uncertainty they need to pay more to borrow for decades ahead.

"Major financial events often happen first in Japan, for example the late-1990s tech bubble bursting first in Japan," Albert Edwards wrote Thursday.

Republicans brought the president’s tax cuts one step closer to reality, but Wall Street remains on edge about the fiscal costs.

The Japanese government bond market was already having a bit of a springtime nightmare, but a poor auction of 20-year debt earlier this week has sent long-end yields soaring to their highest levels ever.

Bank of Japan Governor Kazuo Ueda refrained from indicating he’s prepared to take action in the bond market after yields on super-long dated securities hit a record high, amid a continuing effort to improve trading conditions.