On November 14, according to Kim Shi, Trump will appoint Musk (along with Ramaswamy) to lead the new Office of Government Efficiency. Musk announced during the campaign that he would cut U.S. federal government spending by $2 trillion (nearly one-third). Ulrich Leuchtmann, head of foreign exchange and commodities research at Deutsche Bank, pointed out that this would have disastrous consequences for the U.S. economy: "Musk does not believe in step-by-step caution. I don't believe he can take a wise step. Some people will say that their recommendations will only be recommendations, and that the president and Congress will be in front of them when they are actually implemented. But if the recommendations will not be implemented, why create such an institution? The president will appear indecisive, which is exactly what Trump does not want. The argument of using an aggressive austerity plan to create a good dollar is very clever. After all, it would significantly reduce the capital needs of the U.S. Treasury and thus the entire economy. Treasury bonds will become scarce and expensive again. However, I think the dollar's impact on the inevitable expansionary monetary policy response may prevail initially."