Trump will appoint Musk (along with Ramaswamy) to lead the new Office of Government Efficiency. Musk announced during his campaign that he would cut US federal government spending by $2 trillion (nearly one-third). Ulrich Leuchtmann, head of FX and commodity research at Commerzbank, noted that this would have disastrous consequences for the US economy: "Musk does not believe in a gradual and cautious approach. I don't believe he can take a sensible step. Some would say that their suggestions will only be suggestions, and there are still the president and Congress in front of them when it comes to actual implementation. But if the suggestions will not be implemented, then why set up such an agency? The president will appear indecisive, which is exactly what Trump does not want to see. The argument of using an aggressive tightening plan to create a dollar-positive argument is very smart. After all, this will greatly reduce the capital needs of the US Treasury and thus the capital needs of the entire economy. US Treasury bonds will become scarce and expensive again. However, I think the dollar may prevail in the early stages due to the inevitable expansionary monetary policy response." (Jinshi) #ETH