Bowman is the second central banker in recent days to suggest tariffs are likely to have a temporary and muted impact on prices.

Federal Reserve governor Michelle Bowman supports a rate cut 'as soon' as July, highlighting the growing division within the central bank about whether to ease monetary policy in the near term.

Waller, speaking Friday in a CNBC interview, also backed a July cut, citing signs of labour market softening. “We don’t want to wait until the job market tanks before we start cutting,” he said, pointing to rising unemployment among recent college graduates.