President Donald Trump has for months pressured the Federal Reserve to slash interest rates, claiming it would be “Rocket Fuel!” Trump wanted interest rate cuts to be 'Rocket Fuel' for the economy. He is losing that fight so farWASHINGTON -- President Donald Trump has been losing his own battle to cut interest rates. Neither Trump nor his Treasury Secretary, Scott Bessent, discussed interest rates during the public portion of the meeting. But time might not be on Trump's side for fixing high interest rates.