02:38 PM EDT, 06/20/2025 (MT Newswires) -- Richmond Fed President Tom Barkin (nonvoter) told Reuters in an interview that the FOMC should not hurry to cut interest rates due to the possibility that tariffs could lift inflation and the current resilience of the US job market.

Fed Governor Christopher Waller (voter) said in a CNBC interview that the FOMC could lower rates as early as the July meeting if conditions allow for it, noting that the inflation impact from tariffs could be temporary.

The Fed's monetary report to Congress suggested that it was too early to assess the impact of tariffs on consumers, businesses and inflation, echoing Chair Jerome Powell's comments earlier in the week. Powell is due to testify on June 24-25.

Recent comments of note:

(June 18) Fed Chairman Jerome Powell (voter) said while inflation impacts from tariffs have not been seen yet, there are likely to be more signs as those higher prices work through the economy and make their way down to the customer level.

(June 18) The Federal Open Market Committee left the target rate for the federal funds at 4.25% to 4.50% at its meeting, but the Summary of Economic Projections showed heightened concern about inflation and unemployment and lower GDP growth than in the previous SEP in March prior to announcement of tariffs. The SEP still shows a median expectation of two rate cuts in 2025, but only one rate reduction in 2026 followed by one in 2027. The FOMC said in its statement that uncertainty about the economic outlook has diminished but is still elevated.