Trump's Interest Rate Promises Fizzle Amid Rising Costs

President Donald Trump's efforts to cut interest rates have been met with resistance. The president has publicly pressured the Federal Reserve to slash its benchmark rates, claiming it would boost growth and make housing more affordable.

However, since the war in Iran began at the end of February, borrowing money has become more expensive, making it harder for families to afford mortgages or auto loans.

The government is also feeling the pinch as it spends $827 billion this fiscal year to service the national debt, exceeding its allocation for national defense.

Recently, Kevin Warsh, Trump's choice for Fed chair, said in a press conference that inflation continues to run hot but offered no clear guidance on how to fix the problem.