Even if Trump can control the Fed, he cannot control the billion-plus bond investors who determine the real interest rates of U.S. Treasurys.

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Tom Harris, President of the Times Square Alliance, speaks during the New Year's Eve 'Constellation Ball' test atop One Times Square, New York, NY, December 30, 2025. (Video by Anthony Behar/SipaUSA) ...

Millions of American consumers have been waiting for President Donald Trump’s tariffs to spark a dramatic rise in consumer prices, pushing the inflation rate into the red zone. They’re still waiting.