UBS' Tan Says Key Risk Is If U.S. Yields Keep Rising

The video discusses the global reactions to rising bond yields, highlighting Evercore ISI's notice that attributes the rise to fiscal overkill rather than monetary tightening. It explains that the increase in US bond yields is more related to fiscal expenditure than inflation. The video also explores the first and second round effects on the currency and FX market, noting that increased fiscal spending impacts the fiscal budget and current account balance, leading to currency volatility.

What does the term 'fiscal overkill' refer to in the context of the text?

In what way does fiscal expenditure relate to the US dollar's value?