Bond market warns US on dangers of deficit

Growing burden: The US Capitol in Washington. Treasury Secretary Bessent told US lawmakers earlier this month that the nation’s debt path is unsustainable. — Bloomberg

NEW YORK: 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 US dollar, as administration officials met with Republican lawmakers to hammer out a deal to enact the cuts.