[Institution: The Federal Reserve will adopt a 'super dovish' stance, betting on U.S. two-year Treasury bonds] Hedge fund Tolou Capital Management has established a leveraged long position in two-year U.S. Treasury bonds, believing that Federal Reserve Chairman Powell will be replaced by a 'super dovish' individual who, at the urging of President Trump, will significantly cut interest rates. Tolou Capital's Chief Investment Officer Spencer Hakimian began to go long three weeks ago, betting that short-term bond yields will drop significantly in the next 12-18 months; Powell's term will expire in May 2026, and Trump recently stated that he will 'soon' appoint a successor.