According to Jin10, after Republicans lost their majorities in both chambers of Congress, Julius Baer Group's Head of Investment Andrew Jackson said in a report that control of the two chambers by different parties could support the U.S. Treasury market by limiting further fiscal spending. He said that preventing new spending does not mean reducing the existing fiscal deficit. Persistent deficits and substantial Treasury issuance could still limit declines in long-term U.S. Treasury yields, even as Congress strengthens its checks on the administration of U.S. President Donald Trump. Jackson also said inflation trends and Federal Reserve policy could have a greater impact on the bond market than the election result. A renewed rise in energy prices could further complicate the market outlook.