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.

Under the bill, employees would be eligible for an annual income tax deduction of $25,000 for some types of cash tips.

What no taxes on tips means for workers About 2.5% of the U.S. workforce, or 4 million workers, held jobs where tips are common in 2023, according to an analysis by the Yale Budget Lab.

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 ...