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 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,

The market’s latest “most important event of all time” came and went on Wednesday, triggering a sharp pullback in U.S. stocks, a spike in Treasury bond yields, and a fresh round of angst among global investors.

The sell-off in bonds accelerated midweek after a weak Treasury auction and as investors worry that Trump's tax bill will add trillions to the deficit.