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The Fed wants to lower interest rates, but is currently facing the problem
that market interest rates are approaching the upper end of the Fed's interest
rate range. This gives the Fed no room to actually do anything about lower
interest rates. If the Fed did lower interest rates, it would become clear
that the market, not the Fed, determines interest rates. Market interest rates
would then actually exceed the Fed's interest rate range, and the Fed would
lose its credibility.

For the past 100 years, the Fed has always acted as if it were setting
interest rates. They did this by always setting a range within which the
market could move. The Fed could then continue talking and press releases to
try to persuade the market to stay within the range. That worked very well for
the Fed for a long time.

In recent years, this has become increasingly difficult, and interest rates
recently exceeded the Fed's range.

If this continues, there will be no Fed interest rate cut, as Trump desired.

 .
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