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.

Per the latest U.S. Mint report, it costs less than six cents to make a dime ($0.0576). To make a quarter, it costs about 15 cents ($0.1468), and nearly 34 cents for a half-dollar ($0.3397).

Disappointing US government debt auctions confirm that the bond market is disturbed. Yields for 10-year bonds rose higher than in April, when Trump’s tariffs wrought havoc on the world and hit US credibility.

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 Senate vote is expected to be tight, and so was the US House one. The One Big Beautiful Bill Act was passed by a difference of just one vote, 215-214. Republicans control the House with a 220-212 majority, so they could only afford to lose three representatives from their ranks to get the job done.

Market jitters rise over Trump’s $3 trillion tax bill, weak bond demand, and a historic sell-off in long-term Treasuries.

Asian equities stabilised Friday following the previous day's US bond-fuelled sell-off with traders tracking a slight pullback in Treasury yields as Donald Trump's signature tax-cutting budget passed a key congressional vote.

Long-dated US government bonds sold off sharply in the run-up to the passage of Trump’s tax bill, extending a multi-day decline after a weak Treasury auction highlighted intensifying fears over America’s fiscal trajectory. The 30-year yield climbed above 5.1 per cent on Thursday, its highest level since late 2023, reflecting a sharp drop in price.

Yet the tug-of-war continues, and the dollar was sold again in Asia Pacific and Europe today. Among the G10 only the Antipodean currencies are weaker, following Australia's dovish rate cut. Emerging market currencies are mixed.