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.

The Fed chair will tell lawmakers that the central bank can wait to see how President Trump’s tariffs affect the economy before lowering borrowing costs.

Federal Reserve Bank of Cleveland President Beth Hammack said Tuesday she sees no pressing need to cut interest rates when there’s still a lot of uncertainty what trade tariffs will do to inflation, which is still above the central bank’suncertainty what“Given the resilience of the economy thus far,