Recently, former President Trump nominated Stephen Moore, the chairman of the Council of Economic Advisers, to the Federal Reserve Board of Governors. This move could have a significant impact on the U.S. Treasury yield curve. Since Moore's nomination, the gap between the yields on 5-year and 30-year Treasury bonds has noticeably widened, a trend that may further steepen the yield curve from its highest point in nearly four years.

Milan has long supported the economic policies of the Trump administration, believing that measures in areas such as trade, immigration, and deregulation have the potential to boost inflation. This viewpoint somewhat suggests that he may lean towards a more accommodative monetary policy stance.

It is worth noting that Milan's appointment still requires approval from the Senate. If successful in the end, this could have profound implications for the Fed's decision-making, which in turn could affect the direction of the entire financial market.

With this potential personnel change, investors and analysts are closely monitoring the future policy direction of the Fed. Milan's addition could bring new policy perspectives to the Fed, which will undoubtedly become the focus of market attention.

However, we should also recognize that a single personnel change is not enough to completely alter the overall policy orientation of the Fed. The Fed's decisions will still be based on comprehensive economic data and long-term policy goals. Therefore, market participants should remain rational and cautious when interpreting this news.