According to CoinMeta, Vishal Kanduja, a senior fixed-income investor at Morgan Stanley Investment Management, is reducing his bearish bets on U.S. long-term government bonds. He stated that U.S. Treasury Secretary Janet Yellen is prepared to “do everything in her power” to prevent further increases in U.S. Treasury yields. Kanduja said that he has reduced his exposure to what are known as “yield curve steepening” trades, which involve betting that the spread between 30-year and 5-year U.S. Treasury yields will widen. He believes that Yellen’s actions represent a “do whatever it takes” moment, a phrase that refers to the commitments made by former European Central Bank President Mario Draghi in 2012 to safeguard the euro.