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.

Waller, speaking Friday in a CNBC interview, also backed a July cut, citing signs of labour market softening. “We don’t want to wait until the job market tanks before we start cutting,” he said, pointing to rising unemployment among recent college graduates.