The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

Federal Reserve Chair Jay Powell has reiterated that rate decisions will be data-driven — by inflation, and employment.

Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

The latest round of tariff threats from President Trump could spark fresh concerns about inflation, which might force the Federal Reserve to maintain its wait-and-see posture on interest-rate cuts, sa

U.S. President Donald Trump's fresh tariff announcements make it "messy" to interpret the state of the economy, Chicago Federal Reserve Bank President Austan Goolsbee said, adding that he is hearing a lot of anxiety from business contacts about coming inflation that is not yet obvious in the data.

The president hasn’t named a successor to Jerome H. Powell, but his insistence on someone who will lower interest rates has already raised doubts about their credibility.

While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.

Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman, both appointed by President Donald Trump during his first term in the White House, have said they'd consider cutting the benchmark policy rate as soon as the central bank's July 29-30 meeting.

The Treasury secretary is breaking with tradition in publicly assailing the central bank’s policies as President Trump looks for its next leader.

TheStreet. William Pulte, Chairman of the Board of Fannie Mae and Freddie Mac, said on July 11, “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America,