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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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