President Donald Trump, Vice President JD Vance, Treasury Secretary Scott Bessent and senior economic counselor Peter Navarro have publicly pressed the Federal Reserve to avoid raising interest rates or to cut them before its Sept. 15-16 meeting. Trump escalated the campaign by threatening to halt trade with countries that run trade surpluses with the United States unless the Fed lowers rates. Markets now price about a 60% chance of a quarter-point hike after employers added 162,000 jobs in August, although wage growth remained contained and unemployment was 4.1%. Federal Reserve Chairman Kevin Warsh has defended the central bank’s independence while warning that inflation remains broad and above the 2% target. He noted that 54% of 199 PCE components had risen more than 3% over the previous 12 months. Three officials dissented in favor of a hike at the July meeting, when rates were left unchanged. Investors are focused on the upcoming CPI report as a key signal for whether policymakers raise rates or hold them steady.