Federal Reserve Board 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 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 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.

"Confirming the WSJ story, the Treasury has made its final order of penny blanks this month and the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," a Treasury spokesperson said.

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.