The House of Representatives early Thursday approved President Trump's signature tax and immigration bill that will extend trillions of dollars in existing tax cuts and add billions in new spending, and sent the measure on to the Senate where it is expected to undergo significant revision.

The bill incorporates numerous provisions that the president pledged during his campaign, including no taxes on tips and overtime wages, and heavy spending to boost the military and deport more immigrants.

Financial markets have fastened on the overall cost of the bill, in particular its extension of expiring tax cuts enacted in 2017 during Trump's first term. The last estimate from the non-partisan Congressional Budget Office says the bill would add $2.4 trillion to the national debt over 10 years. Concern over the deteriorating fiscal position was among factors pushing US Treasury 30-year bond yields up another 10 basis points on Wednesday to top 5.0 percent for the first time since October 2023. The long bond yield is up another 4 basis points since the House passed the bill Thursday morning.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.