Federal Reserve Bank of Chicago President Austan Goolsbee said while some recent inflation readings have come in better than expected, he hopes one “dangerous” data point is just a blip.

Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”

Minutes from the Fed's July policy meeting revealed policymakers prioritized tariff-driven inflation risks over labor market concerns when keeping interest rates unchanged.

While opening the door for a September interest rate cut, Fed Chair Jerome Powell stressed the central bank would not let inflation get out of control. While there are already signs that tariffs have begun to push up prices,

The central bank retired a previous strategy and on Friday unveiled a new approach that updates how inflation and employment are balanced.

St. Louis Fed President Alberto Musalem said on Friday he will need more data before deciding to support a rate cut at the Fed's September 16-17 meeting given that inflation is above the Fed's 2% target and is expected to move higher,

Federal Reserve officials believe inflation from new tariffs is just around the corner, and that American consumers are going to pay the costs, minutes of the Fed’s July meeting show.

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.