On July 1, Ed Yardeni, president and chief investment strategist of Yardeni Research, stated that he believes Waller is attempting to lower borrowing costs through hawkish rhetoric—by pushing down government bond yields that affect mortgage rates and auto loans: "We think there has been a new agreement between the Treasury and the Federal Reserve aimed at lowering the 10-year Treasury yield. Bessenbach and Waller 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 interest rates when necessary. This should help lower bond yields, thereby stimulating the economy." Bessenbach recently acknowledged the influence of the bond market and Trump's recognition of it. During a speech at the Economic Club of New York on June 23, Bessenbach stated, "More governments have been overthrown by the bond market than by cannon fire."