On May 22, after the results of weak demand in the U.S. 20-year Treasury bond auction were announced, U.S. stocks, bonds, and the dollar all plummeted. Deutsche Bank analyst George Saravelos viewed the market's reaction as a clear signal of 'foreign buyers collectively avoiding U.S. Treasury assets.' He pointed out that foreign investors 'are no longer willing to fund the U.S. government at current prices.' The rising cost of financing is putting pressure on the stock market. Unless there are significant adjustments to the fiscal reconciliation bill proposed by the Republican Party, the value of U.S. Treasuries will have to 'decline sharply' to potentially attract foreign investors back. As a result, the S&P 500 index's intraday decline widened to 1.5%, the yield on the 10-year U.S. Treasury bond briefly rose to 4.607%, the highest level since February 13, and the dollar index fell by 0.5%.