Elevated Treasury yields drag stocks on US fiscal outlook worries
SINGAPORE (Reuters) -Stocks and the U.S. dollar fell on Thursday, while longer-dated Treasury yields steadied near their highest in 18 months as worries of a worsening fiscal outlook in the world's biggest economy remained at the top of investors' minds. The spotlight is on U.S. President Donald Trump's tax bill that is expected to be voted on in the House of Representatives within hours and investors are worried it could add about $3.8 trillion to the $36 trillion U.S. debt pile. The sombre mood among investors after Moody's downgraded the U.S. credit rating last week has left markets slightly listless as a "Sell America" narrative gains traction, with the greenback hovering near its lowest in two weeks against other major currencies.