Whoa, Trump is going all out pressuring the Fed again: demanding U.S. interest rates to drop to the lowest in the world! The U.S. is the richest country in the world, so why should it pay higher interest rates than other countries? He even brought up Switzerland as an example, saying the U.S. should enjoy the lowest global interest rates. He went so far as to claim that if Americans stopped buying Swiss watches, they could save $40 billion. Right now, the U.S. benchmark interest rate is 3.75%–4%, while Switzerland’s is at 0%. Trump wants to push U.S. borrowing costs to the lowest globally, but on the very same day, the Fed’s meeting minutes revealed that most officials think there might still be one more rate hike this year. To make things worse, the 30-year fixed mortgage rate in the U.S. has climbed to 7.49%, and the 10-year Treasury yield briefly hit 5.35%, the highest in over 20 years. With the U.S. carrying massive national debt, higher interest rates mean higher costs for issuing new debt and refinancing old debt when it matures. The government has to pay more interest, and it’s getting more expensive for regular folks to buy homes. But here’s the problem: U.S. inflation still isn’t under control, and the Middle East situation is driving oil prices up, leaving the Fed with no room for significant rate cuts. So now Trump’s panicking, and the more he panics, the messier it gets. Just look at the bond market—it’s now offering the highest long-term interest rates in over two decades.