NEW YORK (AP) — Wall Street’s quiet corner is making noise again.

While the bond market is typically seen as slower moving, it can pack a heavy punch when it’s alarmed. And right now, it’s getting worried about how much more Washington is preparing to pile onto its spiraling mountain of debt because of its desire to cut taxes.

The House of Representatives approved a bill of tax breaks early Thursday that could add trillions of dollars to the federal government’s debt, and it’s heading to the Senate next. Worries about the U.S. debt have sent yields jumping in the bond market, which in turn has shaken the stock market. The S&P 500 is potentially heading toward its worst week in seven.

In the past, angry reactions from the bond market have been so strong that they've forced governments to backtrack on policies and even led to the ouster of some political leaders. To be sure, many veteran investors say it would be overblown or at least premature to say “bond-market vigilantes” are rounding up this time around, because yields have not jumped high enough to indicate a crisis. But the higher yields will nevertheless have wide-reaching effects.

“I wouldn't look at this from an apocalyptical dynamic, but there are real ramifications," said Nate Thooft, a senior portfolio manager at Manulife Investment Management. “Look at mortgage rates.”

Here's a look at what's going on:

How much is the bond market moving?

The centerpiece of the U.S. bond market is the 10-year Treasury, and its yield has climbed to 4.54% from 4.43% at the end of last week and just 4.01% early last month. That's a notable move for the bond market, which measures things in hundredths of percentage points.

That yield shows roughly how much in interest the U.S. government needs to pay investors to get them to lend it cash for 10 years. Washington needs that cash because it consistently spends more than it takes in through tax revenue. And when bond investors are more wary of lending to the U.S. government, yields for Treasurys rise.

The moves have been sharpest for the longest-term bonds. The yield on a 30-year Treasury has topped 5% and is getting close to where it was before the 2008 financial crisis wiped out interest rates.

Why is the bond market upset?

Bond investors hate inflation because it means the future payments that bonds will give them won't be able to buy as much stuff.

Worries are rising about the potential for higher inflation for a couple reasons. On one hand are President Donald Trump's tariffs, which could push up prices for all kinds of products. A bigger, more long-term concern is how much debt the U.S. government is building up.