According to online reports, Natixis analyst John Briggs said that the White House's increasing pressure on Powell has not yet been fully priced by the U.S. bond market. Investors are pricing this year's interest rate cuts, which has depressed short-term yields. The faster rise in long-term yields is often attributed to concerns about the U.S. fiscal deficit. "Unless we can better understand Trump's preferences for the next Fed chairman, I don't think the market will be affected in terms of pricing," Briggs said. Powell has said he will stay in office until his term ends in May. Trump is expected to pick a more dovish successor.