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.

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.

President Trump’s frustration with Federal Reserve Chair Jerome Powell over his hesitance to cut interest rates has prompted Trump to consider naming Powell’s successor as soon as this summer. But tho