Fed Governor Lisa Cook said Friday that last month's financial market volatility, sparked by U.S. President Donald Trump's tariff announcement, did not lead to the same kind of market dysfunction seen at the onset of the Covid-19 pandemic.

The downgrade of the country’s credit rating by Moody’s hurt investor confidence. So has trade policy, and ballooning federal debt.

The Treasury plans to auction $16 billion of 20-year bonds, with results due just after 1 p.m. Eastern. The offering will mark the first auction of longer-duration Treasury bonds since Moody’s on Friday became the third and final rating agency to strip the U.S. of its top Triple-A credit rating.

Yields were slightly lower after stabilizing in the previous session, after Trump’s tax bill was passed by the U.S. House of Representatives.

The federal government made its final order of penny blanks this month — marking the first step to end the production of the one-cent coin, a spokesperson for the U.S. Department of the Treasury confirmed to USA TODAY.

The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday with investors worried about the country's increasing debt burden as Congress wrangles with a tax and spending bill that is expected to worsen the fiscal outlook.

The Philippine central bank may consider reducing its holdings of US Treasuries after Moody’s Ratings downgraded the US’ credit score, according to Governor Eli Remolona.

Investors have focused this week on a selloff in the Treasury market. But it hasn't affected all Treasurys. Short-term debts, like the 2-year note, have been stable. Only longer-term instruments, like the 10-year note and 30-year bond,