Institution: The US Treasury market has not yet fully priced in the risk event of the change in the Fed chair.

Jin10 data reported on July 11 that Natixis analyst John Briggs stated that the White House's increasing pressure on Powell has not yet been fully priced into the US bond market. Investors are pricing in rate cuts for this year, which has lowered short-term yields. The faster rise in long-term yields is usually attributed to concerns over the US fiscal deficit. "Unless we can better understand Trump's preferences for the next Fed chair candidate, I don't think the market will be affected in pricing," said Briggs. Powell has indicated that he will stay on until his term ends in May. Trump is expected to choose a more dovish successor.