Budget alarm bells

Republicans hope to push through President Trump’s “big, beautiful” spending bill next week. But worries are mounting around the spending bill's potential to expand the US deficit, as evidenced by yet another bond sell-off.  

The Republican bill, which extends Trump’s 2017 tax cuts and introduces new ones for tips and overtime pay, could add $3.8T to deficits over the next decade, according to the Joint Committee on Taxation via the New York Times.

Meanwhile in markets, most rallies have moments of weakness and we may be in for one this morning, if futures are any indication - and remember, sometimes they are not. The market can take a completely different turn when it opens.

Read more about what to watch in markets today.