DAVOS, Switzerland () – Paul Ryan, the former speaker of the U.S. House of Representatives, praised President Donald Trump’s choices for economic personnel and stressed the importance of managing the nation’s growing debt.

The U.S. administration was “off to a good start, with first-round draft picks in the economic policy roles,” Ryan, vice chairman of strategy and communications firm Teneo, told on Wednesday.

Trump faces the prospect of investors, known as bond vigilantes, becoming a potent check on his policy agenda, according to several former U.S. and foreign policymakers.

The yield on 10-year U.S. Treasury bonds has risen about a percentage point from a September low.

“There could be a hiccup in the bond market down the road — I’m sure that’s at the front of Scott Bessent’s mind,” Ryan said, referring to Trump’s pick for Treasury secretary.