Wall St falls
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Markets have been reeling in part because of worries about U.S. fiscal policy. Some stocks, including Snowflake, are surging.
Investors have moved beyond concerns about tariffs—however unwise that might be—and are now focusing on potential tax cuts from Washington, D.C.
The sell-off in bonds accelerated midweek after a weak Treasury auction and as investors worry that Trump's tax bill will add trillions to the deficit.
Stocks tumbled Wednesday amid signs that tariffs are weighing on consumer spending and investor concerns about the U.S. fiscal outlook.
The bill attempts to combine several priorities in Trump's legislative agenda with a clear emphasis on tax cuts.
Caution was returning to the stock market ahead of the long ... peak tariff turmoil in April, but the impact of tariffs and the proposed Republican tax bill remain open questions.
Goldman said tariffs could overshadow and boost to the economy provided by Republicans' sweeping fiscal package, which includes big tax and spending cuts.
The Senate is poised to take up the Republican megabill after it narrowly passed in the House. But ongoing disputes and a slim majority mean more obstacles ahead.