Global borrowing costs rose after President Trump demanded interest rate cuts from the Federal Reserve, raising fears about the independence of US monetary policy and fears of a tariff-led recession. In a post on Truth Social on Monday, the US president said: “The slow moving Fed should cut rates! Food prices are down, there is NO INFLATION,” as his administration doubled down on a tariff policy that has roiled stock markets. Financial markets are now pricing in five interest rate cuts in the US this year, compared with one at the start of the year, as pressure mounts on the Fed to respond to a weakening economy with monetary stimulus. But economists warned the central bank was unlikely to deliver big interest rate cuts as
