Four, Seven

Bessent's plan to re-industrialize America could recreate the 1942–1951 yield curve control, when the Fed capped T-bill yields at 0.675% and 10- to 25-year bonds at 2.5%, and current Fed tools could achieve this. A steeper curve would let regional banks profitably lend to firms with fewer than 500 FTEs, which account for roughly 46% of employment. Achieving this would require Trump to win four of the seven Board of Governors seats and then a FOMC majority before the November 2026 midterms.