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Ed Yardeni, President and Chief Investment Strategist of Yardeni Research, stated that he believes Powell is attempting to lower borrowing costs through tough talk - by pushing down government bond yields that influence mortgage rates and car loans: "We believe that the Treasury Department has reached a new agreement with the Federal Reserve aimed at lowering the 10-year Treasury bond yield. Powell and Yardeni are working as a team and have convinced Trump that the best way to lower borrowing costs is to take a tough stance on inflation and raise rates when necessary. This should be able to lower bond yields and stimulate the economy." Powell recently acknowledged the influence of the bond market and Trump's recognition of it. Powell, speaking at the New York Economic Club on June 23, said, "The government overturned by the bond market is more than a grenade."