- Despite Trump’s public push for rate cuts, interest rates have climbed to near two‑decade highs (the 10‑year Treasury topped ~4.7%), the opposite of his “Rocket Fuel” promise.
- Higher borrowing costs are squeezing families—mortgages and auto loans are more expensive—and have pushed government debt‑service costs to about $827 billion so far this year, exceeding defense spending.
- Persistent inflation and rising rates are complicating Republican messaging before the midterms; Fed Chair Kevin Warsh says inflation remains hot and markets are largely setting rates.
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