US Treasury curve could steepen if President Trump’s choice for Federal Reserve governor is confirmed, according to strategists at JPMorgan Chase & Co. The spread between 5- and 30-year yields widened after the appointment of Council of Economic Advisers Chairman Stephen Miran as a potential new Fed governor. This follows earlier reports that Governor Christopher Waller was favored to succeed Jerome Powell as chair next year.
Source: https://www.bloomberg.com/news/articles/2025-08-08/jpmorgan-says-treasury-curve-can-steepen-on-miran-fed-pick