The Federal Reserve should consider cutting interest rates at its next meeting given recent tame inflation data and the fact that any price shock from import tariffs will be short-lived, Federal Reserve Governor Christopher Waller said on Friday.

Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House.

Trump's top central bank overseer said inflation appears to be on a path back to 2% and expects “only minimal impact” from trade policy.