The Globe and Mail reports in its Friday, May 23, edition that the U.S. government bond market continued to shudder on Thursday as President Donald Trump's bill to extend expensive tax cuts and introduce new ones without major spending cuts passed the House. A New York Times dispatch to The Globe reports that this has raised concerns among investors about the country's mounting debt. Yields on U.S. bonds, which underpin consumer and business interest rates around the world, from mortgages to corporate loans, have been rising in recent weeks. Yields rise as prices fall. Higher yields reflect investors' concerns that lending to the government by buying its debt has become more risky. The 30-year Treasury yield on Thursday rose as high as 5.15 per cent in early trading, its highest since October, 2023, before easing back later in the morning. The 30-year yield is trading about 0.7 percentage point higher than its low in April -- a huge move in such a short time in that market. Federal Reserve governor Christopher Waller said on Thursday that financial markets were looking for more "fiscal discipline" from Washington, warning that investors are likely to continue to demand higher yields in order to hold U.S. assets.