President Donald Trump just might persuade the Federal Reserve to cut rates after all, by scaring them with the prospect of a global trade war.

This is not a strategy we would recommend.

Members of the Federal Reserve’s Open Markets Committee had indicated that they are not inclined to cut interest rates soon, because the U.S. economy is healthy and doesn’t need the boost of cheaper money. However, since Trump has made noise recently about drawing harder lines with trade partners, in particular threatening tariffs on Mexican goods, the Fed’s resolve may be weakening.

Only one committee member has outright said he supports lower rates. Federal Reserve Bank of St. Louis President James Bullard said on Monday that cuts “may be warranted soon,” according to The Wall Street Journal. “The narrative on global trade has darkened. ... Monetary policy looks too restrictive in this environment,” he said, according to The Journal.

Still, Chairman Jerome Powell indicated Tuesday he is closely monitoring the trade situation. And economists at several banks are now predicting rate cuts later this year.

Already this year the Treasury market made an ominous turn. The yield curve, or the relationship between the yields that investors will get on Treasuries that mature at various terms, inverted. Short-term Treasuries now offer greater return than long-term, a move that usually foreshadows recession. Yields inverted early this year, and rather than moving back to normal, the inversion has become more pronounced during the past few weeks.

Of course, these reactions are based on what might happen if the president makes good on his threats. Trump might change course, or any number of things might happen to prove anxious investors wrong.

Even so, we hope Trump will consider the counsel of Treasuries investors and those who advise them. They’ve made a bet on the direction of the U.S. economy, and they have a big stake in the president’s success.