A US budget that includes an extension of Trump's tax cuts is moving forward by the slimmest of margins in a 216-214 vote. There is still a long road here with Trump hoping to sign the bill by late May and all the big votes yet to come.
But this vote paves the way for lawmakers to start writing the actual bill, which will have to combine Senate priorities with $1.5 trillion in spending cuts promised today.
The shift in leadership lately has been towards higher spending and deficits, with leadership and the White House appearing to tilt in that direction. I don't think that's going to help the long end, which is now near the highs of the day. US 30-year yields are up 2 bps to 4.81% after falling as low as 4.68% earlier.
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