There's another big reason why Trump could blame the Federal Reserve for rising interest rates

President Trump has criticized the Fed for raising interest rates in a period of low inflation, but it's another Fed policy move that is helping drive interest rates higher. The Fed is unwinding its balance sheet, which ballooned during the financial crisis, and in the process is buying less Treasury securities, just as the federal government is issuing much more debt. The fact the Fed has stepped back as a buyer, combined with the increased debt issuance, has been a topic of discussion in the bond market as interest rates were on the rise this month.