Trump is publicly pressuring the Fed to cut rates while his own policies push prices up — bad news for anyone hoping for cheaper borrowing.

• Trump lashed out after strong job numbers, saying the market should rally and rates should be far lower.
• His own tariffs and the Iran war are the main things keeping inflation high — diesel just hit a record price.
• The economy is running hot, which normally argues for higher rates, not lower ones.
• He is now threatening to cut off trade with countries the US buys more from than it sells to, which would send prices even higher.
• If the Fed looks like it has given up on fighting inflation, bond markets could price in a 1970s-style spiral.

Outlook: A rate hike in December looks more likely than a cut unless tariffs ease or the Iran conflict winds down.