Trump has been pressuring the Fed to lower interest rates as a way to save financing costs on the nation’s ballooning national debt.

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.

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.