Trump wanted interest rate cuts to be 'Rocket Fuel' for the economy. He is losing that fight so far

Donald Trump has been losing his own battle to cut interest rates.

The president likes to vilify high rates as an affront to the size and strength of the U.S. economy, saying that America deserves the cheapest borrowing costs in the world. Trump for months publicly pressured the Federal Reserve to slash its benchmark rates, claiming it would be “Rocket Fuel!” for growth and make housing more affordable.

But since the war in Iran began at the end of February, borrowing money has become more expensive, meaning fewer families can afford mortgages or auto loans. The government is getting squeezed, too — as it has spent $827 billion so far this fiscal year to service the national debt, more than it has devoted to national defense.