India, May 22 -- The U.S. dollar was higher against its most major counterparts in the New York session on Thursday, as treasury yields soared amid concerns about the fiscal impact of President Donald Trump's tax bill.
The yield on the 30-year Treasury bond reached as high as 5.1%, its highest level since 2023.
Analysts warn that Trump's tax bill could add trillions to the federal government's already massive $36.2 trillion debt pile. The plan has sparked fears of an even wider deficit, especially as interest payments continue to soar.
In a post on Truth Social, Trump called the bill "arguably the most significant piece of Legislation that will ever be signed in the History of our Country" and urged the Senate to send the bill to his des...