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
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