President Donald Trump says that tame inflation means the Federal Reserve should already be reducing its policy rate, but inside the U.S. central bank the idea has little traction, with only two Fed policymakers to date embracing the possibility of a rate cut at the central bank's next meeting in July.

Federal Reserve Bank of Boston President Susan Collins said Thursday she expects the central bank to implement at least one interest-rate cut this year, while signaling a July move -- which several of her colleagues have floated -- would be too soon.

A flurry of Federal Reserve officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way.