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Investors see worsening deficit as tax bill heads to Senate

FILE PHOTO: People walk past the US Capitol in Washington

People walk near the Capitol on Monday.

 Nathan Howard/reuters

Investors are fearing that projections for the U.S. debt mountain could increase further when a sweeping tax and spending bill goes through the Senate, with the risk that bond yields stay higher for longer.

Markets have been sensitive to the deteriorating debt profile, exacerbated by Moody's downgrade of the U.S. sovereign credit rating on May 16. Long-dated bonds have been especially hurt by deficit concerns, with investors delivering a tepid response to a 20-year auction and sending the 30-year bond yield to its highest level since October 2023. Higher bond yields can translate into higher borrowing costs for consumers, businesses and governments.



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