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The federal budget faces challenges from high interest payments, defense spending, and popular social programs, complicating efforts to reduce the deficit. Tariffs could generate revenue but may harm growth, while Trump's proposed tax cuts and SALT cap adjustments risk further deficit increases, potentially provoking bond market backlash. As interest rates rise, the bond vigilantes may constrain reckless fiscal policies, echoing past economic tensions.
Concerns over UK borrowing costs have intensified following stronger-than-expected US jobs figures, leading to volatility in global financial markets. With nearly 700,000 UK homeowners facing increased mortgage costs and rising gilt yields, the government may need to consider spending cuts to adhere to fiscal rules amid persistent inflation and economic challenges. The upcoming forecasts from the Office for Budget Responsibility on March 26 will be crucial in determining the government's fiscal strategy.
Stocks fell despite a strong jobs report showing 256,000 jobs added in December and a drop in the unemployment rate to 4.1%. The market reacted negatively due to fears that a booming economy could lead the Federal Reserve to halt interest rate cuts, with the Dow down 0.6% and the S&P 500 down 0.8%. Meanwhile, long-term bond yields rose, indicating a declining bond market, while bitcoin saw a slight increase of 1.8%.
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bond vigilantes challenge trump's economic policies amid rising deficits and inflation
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uk borrowing costs rise amid us jobs report and global market volatility
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