Trump is urging the Fed to cut rates to save the U.S. government money on its interest payments affixed to the vast national debt. Yet the Fed has long resisted considering the government’s financing costs when making interest rate decisions, preferring instead to focus on the health of the economy and inflation.

Follow live coverage and the latest news from Federal Reserve Chairman Jerome Powell. He'll speak to both chambers of Congress, testifying on Tuesday to the House and on Wednesday to the Senate.

The Fed chair told lawmakers the central bank remains focused on ensuring one-time price hikes from higher tariffs won’t become an ongoing inflation problem.