Digest | 22 May 2025
- Edward von der Schmidt
- May 23
- 2 min read
A modest equity retreat accompanied a global bond selloff on Thursday. House passage of tax and spending legislation amplified deficit concerns that have lifted 30-year yields above 5% and pivoted attention toward the Senate. A G7 finance communique highlighted areas of diplomatic agreement with key trade talks scheduled on Friday along with a mediated discussion in Rome between the US and Iran. The Supreme Court appeared prepared to carve out special protections for the Federal Reserve and weaken those of independent agency board members.