Wall Street Journal: “Investors sold U.S. government bonds and the dollar on Monday, after Moody’s Ratings late last week stripped the U.S. of its last triple-A credit rating, citing large budget deficits and rising interest costs. Adding to the nerves about America’s debt trajectory, the House Budget Committee approved a tax-and-spending bill Sunday that is projected to add trillions of dollars to those deficits.
”“Though stocks ended the session higher, selling pushed up yields on longer-term Treasurys, which rise when bond prices fall. The yield on the 30-year bond briefly topped 5% before settling just below that threshold, still near its highest level of the year.”