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.

Remarks from Bowman and Waller add to growing expectations that the central bank may pivote from its “wait-and-see” approach.

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.