A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

The U.S. Federal Reserve should not cut interest rates "for some time" as the impact of Trump administration tariffs begin passing through to consumer prices, with tight monetary policy needed to keep inflationary psychology in check,

John Williams, president of the New York Fed, suggested he is reluctant to support lowering interest rates ahead of the central bank’s next meeting later this month, arguing that tariffs are likely to drive further inflation.

With the Federal Reserve's July meeting on the horizon, many prospective homebuyers and homeowners are wondering what it could mean for mortgage rates. After years of relatively high borrowing costs, even the slightest dip could open doors for those hoping to buy or refinance. But the path forward is far from clear.

“It’s by now widely agreed, almost all over the world: If you leave monetary policy in political hands, you’ll get too much inflation,” Alan Blinder, a professor of economics at Princeton University and former vice chairman of the Federal Reserve, told ABC News.