Governors Christopher Waller and Michelle Bowman, back early cuts, while the Fed Chair Jerome Powell remains cautious|@federalreserve|X
Federal Reserve officials debated whether new tariffs would cause a temporary price spike or trigger lasting inflation, according to minutes from their June 18 meeting.
Most policymakers warned tariffs could fuel persistent inflation, while a few saw only a one-time bump.
The Fed kept rates steady, but this split may delay future rate cuts. Governors Christopher Waller and Michelle Bowman back early cuts, while Chair Jerome Powell remains cautious.
The Fed emphasized a careful approach amid lingering inflation risks. That cautious stance has angered President Donald Trump and Republicans, who are calling for faster rate cuts.