Trump demanded U.S. interest rates of “1% or less” after the Federal Reserve—led by his own hand-picked chairman, Kevin Warsh—unanimously raised rates to 3.75%–4.00%. Why did Warsh vote for the opposite of what Trump wants? And what happens when Trump’s economic promises collide with inflation, mortgages and an independent Federal Reserve?

We start with the day’s political absurdity, then examine ten campaign commitments against current data before breaking down Trump’s extraordinary interest-rate post line by line.