Donald Trump drew cheers from supporters in one of his final rallies of the 2024 presidential campaign, when he vowed to “get interest rates brought way down”.
His Treasury secretary Scott Bessent echoed the pledge a few months later, saying that reducing America’s long-term borrowing costs would be a key priority for the new administration.
But that aspiration will be tested in the coming months as investors navigate cross-currents caused by tariffs, immigration clampdowns and the potential for a deepening budget deficit.
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