CNBC's Jim Cramer examined Tuesday's market action, saying the rally fueled by the victory of President-elect Donald Trump took a breather as Wall Street weighs what broad tax cuts could mean for the bond market.

"If you believe we're about to get big tax cuts, remember that somebody eventually has to pay for the missing tax receipts — as boring as that is — even if that means the government borrows a lot more money, causing bond yields to spike," he said.