US President Donald Trump's promise of lower interest rates has come under increasing pressure as Treasury yields and borrowing costs continue to rise, complicating the administration's efforts to project economic strength ahead of the November midterm elections.
Despite months of public calls for the Federal Reserve to reduce policy rates, financial markets have moved in the opposite direction. Long-term Treasury yields have climbed to multi-year highs, pushing up borrowing costs for households, businesses and the federal government, even as the White House maintains that the economy remains on a strong footing.
