The newly published meeting minutes highlighted a divide over how Federal Reserve officials expect the economy to respond to President Donald Trump's tariffs.

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.

Federal Reserve Bank of San Francisco President Mary Daly said on Thursday the time to cut rates is nearing, without saying when she believes that should happen.

Richard Clarida, former Federal Reserve Vice Chairman and current global economic advisor at PIMCO, joins CNBC's "Closing Bell" to discuss when the Federal Reserve may cut interest rates, economic outlook and more.

Federal Reserve governor Christopher Waller said Thursday that the central bank should consider cutting interest rates at its July meeting, even after a strong June jobs report.

Trump’s top budget adviser sent Powell a letter saying Trump is “extremely troubled” by the “ostentatious overhaul.” Two aides were named to a panel that plans to review the building plans.

The Fed report suggests that a higher prime rate is causing, at least in part, growth in card interest rates. The prime rate remained stable at 7.5% throughout the first quarter. But it is still much higher than it was during the beginning of the 2020s, when it wasn’t uncommon to see the benchmark rate fall between 3.25% and 5.5%.

The prospect of the Federal Reserve once again setting its short-term interest rate target at near zero levels at some point in coming years remains real despite current relatively high levels of short-term borrowing costs,