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

The right to freedom of speech allows Trump to make demands of the Fed to his heart's content. But legally, he cannot compel the central bank to lower its benchmark interest rate. The Fed has the right to act independently, and its aim is to promote a healthy and stable economy by keeping inflation in check.

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.

President Trump once again demanded lower interest rates with a blistering new attack on Jerome Powell when asked about whether he'd be firing the Fed chair.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.

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%.