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.

As it stands, the bill would triple what’s currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,000 a year.

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 ...