House Republicans’ domestic agenda bill doesn’t have a topline cost estimate yet and faces the likelihood of major rewrites in the Senate, but it’s already sending shockwaves through global financial markets.

U.S. bonds have sold off in response to the House passage of the bill, which is likely to add trillions to a U.S. national deficit that has hovered around 120 percent of gross domestic product (GDP) since the pandemic.

Both the 30-year and the 20-year U.S. Treasuries were trading on a yield above 5.1 percent on Thursday morning. For the 30-year, that’s the highest level since 2007. The benchmark 10-year note was up above 4.6 percent, the highest level since February.

Those high yields for U.S. bonds mean that investors want a bigger return for their public investments, which seem like less of a sure thing in the face of massive, deficit-expanding tax cuts.

Preliminary estimates from the Congressional Budget Office (CBO) suggest the GOP bill could add $2.3 trillion to the........

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