According to a report by Jin Shi Data, Natixis analyst John Briggs stated that the White House's pressure on Powell has not yet fully reflected in the U.S. Treasury market. Investors are pricing in rate cuts for this year, which has lowered short-term yields, while long-term yields have risen due to concerns over the U.S. fiscal deficit. Briggs pointed out that pricing will not be affected unless the market has a better understanding of Trump's preferences for the next Federal Reserve chairman. Powell has indicated that he will remain in office until the end of his term, and Trump is expected to choose a more dovish successor.