Trump's promise of lower interest rates is under pressure as Treasury yields climb and financial markets move contrary to the administration's economic goals. Higher borrowing costs have impacted households, businesses and the federal government. Inflation concerns and policy uncertainty have kept investors cautious about US debt.

President Donald Trump has for months pressured the Federal Reserve to slash interest rates, claiming it would be “Rocket Fuel!” for growth.

WASHINGTON (AP) — President Donald Trump has been losing his own battle to cut interest rates.