Expectations that Powell will serve as chairman of the Federal Reserve have pushed up US government bond yields.

In the United States, President Trump stated that he may not want National Economic Council Director Hassett to serve as the chair of the Federal Reserve, causing the U.S. bond yield to rise. After Trump's comments, the likelihood in prediction markets of former Federal Reserve Governor Warsh becoming the chair of the Federal Reserve and U.S. bond yields have both increased, indicating that investors believe Warsh may not be as aggressive as Hassett in pushing for rate cuts.