So, how did we get here? Well, the No Tax on Tips Act was a bipartisan bill sponsored by Republican Sen. Ted Cruz of Texas. It passed the Senate by unanimous consent on May 20.

Rep. Thomas Massie was of the only Republicans to vote "no" on the budget. House Republicans passed Trump's agenda bill by a single vote, 215-214.

U.S. 20-year bond yields hit their highest since November 2023 of 5.127% following the auction. The dollar consequently extended loses against the euro and yen.

Major stock indexes and the dollar fell on Wednesday as investors worried about a deteriorating U.S. fiscal outlook and Treasury yields climbed following a poorly received sale of 20-year U.S. bonds.

The dollar fell against a broad swathe of currencies on Wednesday, undermined by worries about the Trump administration's tax cut and spending bill, as well as a weak 20-year Treasury bond sale ...