The bond market is worried that Hassett is trying to please Trump by cutting interest rates, and has warned Treasury Secretary Besenette about this.

The Financial Times of London quoted multiple sources as reporting that bond investors are warning the US Treasury against the possibility of Jerome Powell becoming Chairman of the Federal Reserve. They are concerned that Powell may cut interest rates in order to please US President Trump. In November, the Treasury, led by Secretary Mnuchin, gathered feedback from various sources. After the cabinet meeting on December 2, Trump told reporters at the White House that Powell, who was present, was a "potential Federal Reserve Chairman," and he might announce the appointment decision in January. At 02:26 on December 4th, Beijing time, the yield on the US 10-year Treasury bond remained down by more than 2 basis points, while the yield on 2-year bonds remained down by more than 1.6 basis points.