Only "a couple" of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could fall as soon as this month, with most policymakers remaining worried to some degree about the inflationary pressure they expect to come from President Donald Trump's use of import taxes to reshape global trade.

Some Federal Reserve officials saw no interest-rate cuts for the rest of 2025, while two others said they would be open to an interest-rate cut at the next meeting of the central bank's rate setting committee.