President Donald Trump again urged the Federal Reserve to lower interest rates after the Treasury Department said US national debt had surpassed $40 trillion. Trump called rates artificially high and questioned whether some members of the rate-setting committee were influenced by politics, although Fed Chair Kevin Warsh and other officials have affirmed the central bank's independence. The Federal Open Market Committee has held the federal funds rate at 3.5% to 3.75% so far in 2026, and most traders expected no change at its meeting concluding Sept. 16, according to CME FedWatch, though some forecast a hike. July meeting minutes showed officials saw stable labor-market conditions but remained concerned that inflation could stay elevated because of tariffs, energy prices, Middle East conflict and strong AI-related demand. Annual inflation fell to 3.4% but remained above the Fed's 2% target, while employers cut 23,000 jobs in July.