J.P. Morgan strategists have stated that if Trump successfully appoints key members of the Federal Reserve, the U.S. Treasury yield curve could steepen from its highest level in four years. Following Trump's selection of Stephen Moore, the chairman of the Council of Economic Advisers, as a member of the Federal Reserve Board of Governors, the spread between the U.S. 5-year and 30-year Treasury yields widened on Thursday. This appointment requires Senate approval. "Moore has consistently believed that the Trump administration's trade, immigration, and deregulation policies are all anti-inflationary," wrote J.P. Morgan analysts led by Jay Barry in a report released later on Thursday. "To some extent, this supports a more dovish Fed policy, which also supports the steepening of the curve that occurred this afternoon."