John Authers, Columnist

‘Beautiful’ Is In the Eye of the Bond Vigilantes

The bottom line of Trump’s desired tax cuts will be greater deficits.

May 15, 2025 at 5:00 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

The House Energy and Commerce Committee weighs up Trump’s tax package.
Photographer: Kent Nishimura/Bloomberg

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Donald Trump has a way with words. Nobody can possibly take this away from him. After six weeks dominated by a Liberation Day that was anything but, the debate has moved to the president’s promise of a Big, Beautiful Bill that is certainly big, but not very beautiful.