According to CoinMeta, Jefferies' global economist Mohit Kumar stated in a report that the firm is still avoiding long-term government bonds. He pointed out that rising interest rates are driven not only by inflation but also by concerns about fiscal deficits. Jefferies believes that in the medium term, fiscal deficits are more concerning than inflation fueled by oil prices, and at present, there are no clear signs of efforts to rein in fiscal deficits either in the United States or Europe. Kumar also noted that as the issuance of sovereign and corporate bonds remains high in the coming quarters and may further increase, long-term bonds will continue to face pressure.