Bond Market Warns Trump, Congress on Dangers of Swelling Deficit

In the world’s biggest bond market, investors are pushing back against President Donald Trump’s tax-cut plan.

On Wednesday, they drove yields on benchmark 30-year Treasuries to as high as 5.1%, leaving them just shy of a two-decade high and sparking declines in stocks and the dollar, as administration officials met with Republican lawmakers to hammer out a deal to enact the cuts. The move stabilized on Thursday, with the yield trading at 5.09%.