The news triggered a US bond sell-off on Monday. US 30-Year Treasury yields, the ones with the longest maturity date issued by the US Department of the Treasury, spiked to 5%, very close to the 5.08% multi-decade high they reached in October 2023, before retreating somewhat and closing at 4.91%.

Anywhere But USA—was back on the table this morning, as investors digested Moody's markdown of America's credit rating from triple-A, coupled with the forward march of the House's debt-expanding budget bill,

The move came as Republicans seek to approve a large package of tax cuts, spending hikes and safety-net reductions which could add trillions of dollars in U.S. debt.