On December 19, analyst Jersey stated that some people are worried that the policies of the new U.S. administration might trigger inflation, leading to a rate hike by the Federal Reserve before the end of 2025. However, this may be somewhat premature as implementing new policies takes a long time. Nevertheless, considering that the next step could be a rate hike - something which seemed unlikely four months ago - there is a possibility for yield curves to steepen. However, such actions may not occur until we have more data.