Majority of Fed Officials Leaning Against July Interest-Rate Cut

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.

Fed Governors Christopher Waller and Michelle Bowman captured attention in the past week when they signaled they’d be open to lowering rates as soon as the Fed’s July 29-30 meeting if inflation remains contained.

Since then, however, nearly a dozen policymakers — including Chair Jerome Powell, New York Fed President John Williams and San Francisco Fed chief Mary Daly— have dumped cold water on that idea.

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