“One Big Beautiful Bill” Passes, Sparks Bond Market Turmoil and Interest Rate Surge

Federal Reserve officials and financial markets are reacting sharply to the anticipated fiscal consequences of President Donald Trump’s expansive new legislative push, officially titled the One Big Beautiful Bill Act. The sweeping measure—promoted by Trump and advanced by GOP lawmakers—is generating a seismic shift in the bond market and driving up interest rates, according to both Federal Reserve commentary and market data.

This week, yields on U.S. Treasury bonds have surged as investors digest the scale and scope of the proposed legislation. The bond. . .