Internet reports that 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 dove" who will cut interest rates sharply at the urging of U.S. President Trump. Spencer Hakimian, chief investment officer at Tolou Capital, started going long three weeks ago, betting that short-term bond yields would fall sharply over the next 12-18 months; Powell's term expires in May 2026, and Trump recently said he would appoint a successor "soon."