Trump’s push for rate cuts stalls as borrowing costs rise
President Trump pressed the Fed to cut rates, calling it ‘Rocket Fuel’ for growth, but borrowing costs have climbed as the Iran conflict boosts energy prices and inflation. The 10-year yield surpassed 4.7% and 30-year mortgage rates sit around 6.6%, squeezing households and lifting debt service as the government nears $827 billion this year. Fed chair Kevin Warsh says inflation remains hot, and markets expect little relief before the September meeting, complicating Trump’s economic messaging ahead of elections.