President Trump really, really wants lower interest rates, and the Federal Reserve and other tools of state power have tried to deliver them. The bond market isn't cooperating.
Why it matters: Longer-term borrowing rates are set on global markets, as savvy players who together deploy trillions of dollars make bets on the future of growth and inflation.
- In an era of vast power concentrated in the Oval Office, that makes it one of the few forces even Trump can't control. It is a constraint on his actions that will not respond to insults or threats.
