According to a report by Jin Shi Data, the Carlyle Group claims that the Trump administration is calling for the Federal Reserve to significantly cut interest rates, along with the prospect of increased issuance of short-term U.S. bonds, which could disrupt the treasury market and drive up long-term borrowing costs. Jason Thomas, head of global research and investment strategy at Carlyle Group, stated that bondholders hope the Federal Reserve will maintain the real value of principal, but if the Federal Reserve is more concerned with government financing, it could lead to bond sell-offs and rising term premiums. Trump continues to pressure the Federal Reserve to lower the benchmark interest rate to stimulate the economy and provide a channel for the Treasury to save on interest expenses through the issuance of short-term Treasury bills.