特朗普政府争取通过美联储降息刺激经济增长的努力面临困境。自今年2月伊朗战争爆发以来，借贷成本持续上升，30年期美债利率已达近20年高位，超过了特朗普去年回到白宫时继承的水平[1]。10年期美债利率周五更是超过4.7%[1]。这一走势与特朗普的降息承诺方向相悖。
新任美联储主席凯文·沃什表示通胀仍然高企，市场预期9月美联储可能继续加息[1]。为应对这一局面，特朗普政府已指示房利美和房地美购买至少2000亿美元住房贷款，以期降低抵押贷款利率[1]。然而这一举措的效果有限——房利美周四报告称30年期利率平均为6.66%，与一年前基本持平[1]。美联储下次利率会议将于9月16日结束[1]。
与此同时，政府本财政年度已支出8270亿美元用于债务服务，已超过国防支出[1]，进一步制约了政策调整空间。前三个月年增长率仅为1.5%[1]，经济增长也显现疲态。
President Trump's strategy to use Federal Reserve interest rate cuts as "rocket fuel" for economic growth is encountering significant obstacles.[1] Since February, when tensions with Iran escalated, borrowing costs have increased substantially, with 30-year Treasury yields reaching near 20-year highs that exceed the levels Trump inherited upon returning to the White House last year.[1] The 10-year Treasury yield surpassed 4.7 percent on Friday, underscoring persistent upward pressure on rates.[1]
The administration has attempted to counter rising borrowing costs through targeted interventions. Trump's government instructed Fannie Mae and Freddie Mac to purchase at least $200 billion in mortgage loans to lower mortgage rates, yet these efforts have yielded limited results.[1] Fannie Mae reported on Thursday that the average 30-year mortgage rate stands at 6.66 percent, essentially unchanged from a year earlier.[1] Meanwhile, the government's own fiscal pressures have intensified, with $827 billion allocated to debt service in the current fiscal year—exceeding defense spending.[1]
Federal Reserve Chair Kevin Walsh has signaled that inflation remains elevated, complicating the rate-cut outlook that Trump has championed.[1] Market expectations suggest the Federal Reserve may maintain or raise rates when its next policy meeting concludes on September 16, a trajectory that contradicts Trump's stated economic objectives.[1] Economic growth has also moderated, with the first quarter showing an annualized growth rate of just 1.5 percent.[1]