A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

JPMorgan Chase CEO Jamie Dimon went to bat Tuesday for the Federal Reserve and its chair, Jerome Powell, as the White House pondered ousting him over disagreements about the path of short-term

William Pulte , Chairman of the Board of Fannie Mae and Freddie Mac, said on July 11, “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

Amidst Trump administration pressure and speculation, Congresswoman Luna claims Federal Reserve Chair Jerome Powell's dismissal is imminent. Treasury

Policy is rightly locked on hold over the near-term in part because the uncertainty surrounding the Trump administration’s tariff regime remains unusually high.

Powell has been repeatedly criticized by the president over the U.S. central bank’s resistance to cut interest rates despite Trump’s demands to do so. In an interview with ABC’s “This Week,” Hassett was asked if the president has the authority to order Powell’s removal.

A Fed policy rate that low is not typically a sign that the U.S. is the "hottest" country in the world for investment, as Trump has said.