A global bond sell-off is intensifying as Moody’s downgrade of the U.S. credit rating and President Donald Trump’s proposed tax bill reignite investor concerns over ballooning fiscal deficits, according to CNBC. Trump failed to rally GOP dissenters behind the legislation, which is projected to raise U.S. debt by $3 trillion to $5 trillion. The proposal has coincided with a sharp spike in Treasury yields. The U.S. 30-year Treasury yield broke above 5% for the second day, reaching 5.088%, while the 10-year yield jumped over 15 basis points this week. Mizuho Securities's Vishnu Varathan said markets rejected Trump’s tax bill, triggering a harsh sell-off in U.S. Treasuries.