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Fed Minutes Reveal Limited Impact of Trump’s Borrowing Strategy

2/19/2026

Summary

Story summary

Fed minutes show limited results from U.S. President Donald Trump’s administration's initiative to lower borrowing costs.
Plans to purchase mortgage bonds lowered mortgage-backed securities yields.
A Federal Reserve Bank of New York (New York Fed) official said refinancing would not rise due to high rates, despite the Fed's lowering of short-term rates and liquidity management.
Reserve levels are expected to stabilize around $3 trillion ahead of the mid-April tax deadline.

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Story summary

Fed minutes show limited results from U.S. President Donald Trump’s administration's initiative to lower borrowing costs.
Plans to purchase mortgage bonds lowered mortgage-backed securities yields.
A Federal Reserve Bank of New York (New York Fed) official said refinancing would not rise due to high rates, despite the Fed's lowering of short-term rates and liquidity management.
Reserve levels are expected to stabilize around $3 trillion ahead of the mid-April tax deadline.