U.S. national debt has reached an alarming level
Caroline Woods brings you the biggest news of the day, including a preview of the Fed’s September meeting and why the U.S. national debt has reached a new high.
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00:00 I'm Caroline Woods filling in for JD Durkin reporting from the New York Stock Exchange.
00:04 Here's what we're watching on the street today.
00:06 Wall Street is looking ahead to the Federal Reserve's two-day September policy meeting,
00:11 which kicks off today. An official decision on interest rates will be delivered Wednesday
00:16 following a press conference where Federal Reserve Chair Jerome Powell will field questions
00:21 from the media. But investors aren't expecting much action at this month's meeting. Traders
00:26 are betting on a 99 percent chance that the central bank holds rates steady, with a 30
00:31 percent chance it raises rates again in November. Wall Street will be watching Powell's comments
00:36 closely for any hints into future monetary policy. Meanwhile, the U.S. national debt has reached an
00:43 alarming level. According to recent data from the Treasury Department, U.S. national debt has topped
00:48 $33 trillion for the first time ever. For comparison, the national debt was around $900
00:55 billion four decades ago. This comes at a time when government spending is already being criticized
01:01 as Washington looks to avoid a government shutdown. If Congress can't pass a batch of laws
01:06 or agree to an extension of federal funding at current levels, the U.S. government will face its
01:11 first shutdown since 2019. And there doesn't seem to be any signs of relief in sight. According to
01:18 findings from the Congressional Budget Office, the national debt is expected to double in size
01:22 over the next three decades, reaching levels never before seen. That'll do it for your daily
01:29 briefing from the New York Stock Exchange. I'm Caroline Woods with The Street.
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