Trump has promised lower interest rates. That will be largely out of his control.
WASHINGTON — As a candidate, Donald Trump promised to relieve consumers of high interest rates. As president, doing so will likely be a slow process largely outside of his control.
Trump repeatedly said during the campaign that he would bring down interest rates without elaborating on how. He has suggested the president should have a say in determining rates set by the Federal Reserve and publicly berated the central bank and its chairman, Jerome Powell, for not lowering rates sooner.
But while Trump has put a lot of emphasis on the Federal Reserve as a way to reduce the interest paid by consumers or businesses, the rates on mortgages and other longer-term loans are outside of any one person’s or institution’s control. Instead, those rates are largely determined by the bond market, w...