President Donald Trump says that tame inflation means the Federal Reserve should already be reducing its policy rate, but inside the U.S. central bank the idea has little traction, with only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's next meeting in July.

A flurry of Federal Reserve officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way.

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell says, a stance directly at odds with President Donald Trump’s calls for immediate cuts.