The economist Kevin Hassett said in an interview that Trump's plans for tax cuts and deregulation are supply-side policies that would lead to "supply-side growth," and that "when you increase supply, you put downward pressure on inflation." Mr. Hassett rejected the idea that the rise in Treasury yields and gold prices was due to investors' expectations of inflation under Mr. Trump, saying: "It's actually higher real interest rates that are driving this, and when people expect the Fed policy rate to be able to stay around current levels, real interest rates will go higher because the economy is very strong."