What you need to know on Wall Street today
US Treasurys are slipping on Wednesday ahead of the House's second vote on the GOP tax bill. Bonds markets across Europe and Asia are also selling-off, sending yields higher.
The House passed the Tax Cuts and Jobs Act on Tuesday, but needs to vote again Wednesday after three pieces of the bill were deemed in violation of the so-called Byrd rule. It would be an identical version of the bill the Senate passed just after midnight on Wednesday.
As the House version passed on Tuesday, the Treasury yield curve bear-steepened, meaning that long-term rates rose faster than short-term rates as traders speculated on quicker growth. On Tuesday, the 30-year yield had its biggest increase in a year. The benchmark 10-year yield rose to its highest level in nine months, and has climbed by about 14 basis points since December 15.
Here are the headlines on the tax bill:
- "Are you living in a fantasy world?": 'Today' show host grills Paul Ryan on tax bill
- Paul Ryan just undercut a major Republican argument about the GOP tax bill
- Here's what America's biggest companies plan to do with all that cash coming back to the US
- Investors will probably win big from tax reform - but about half of Americans don't own stocks
- Here are the areas of the stock market that'll get the biggest boost from Trump's tax overhaul
- The GOP tax bill is a huge gift to the US auto industry
- Americans have already made up their minds about the tax bill - and it looks brutal for the GOP
- LOPEZ: The worst part of the GOP tax bill has nothing to do with the economy
- "Irresponsible, reckless, unjust, and just plain cruel": Democrats blast GOP tax bill after it passes
- Here's how your tax bracket could change in 2018
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