Trump's 'big, beautiful' bill set to further tarnish U.S. Treasuries' lustre overseas

As the Trump administration's "big, beautiful bill" grinds its way through the U.S. Senate, incentives are growing for foreign investors to diversify out of U.S. Treasuries losing sheen from prospects of deficit spending and inflation-boosting tariffs. President Donald Trump's sweeping tax cut and spending measure will boost U.S. debt by US$3.3-trillion, the nonpartisan Congressional Budget Office estimates, while runaway deficits and swelling debt led Moody's to cut its credit rating in May. "Definitely I'm concerned about the fiscal deficit expansion," said Toshinobu Chiba, a Tokyo-based rates and credit fund manager for Simplex Asset Management. Mr. Chiba said he has been…