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Global financial markets see turbulence after U.S. Treasury bond auction and House advances tax bill

On May 22, global markets wobbled as a weak 20-year U.S. Treasury auction drove yields to their highest levels since 2023, and U.S. House Republicans advanced a $3.8 trillion tax-and-spending bill. Rising deficits and debt concerns sent bond yields higher across Japan and the UK, while stock indices fell amid investor caution.

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