Governor Christopher Waller's comments come as tensions between Fed Chair Jerome Powell and President Donald Trump have reached a boiling point in recent days.

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.

One of the chief reasons the Federal Reserve should cut interest rates now, a top central banker argues, is because the economy has gotten weaker and is likely to stay weak for the rest of the year.

Strategas' Dan Clifton and New Century's Claudia Sahm, joins 'The Exchange' to discuss the Fed, rate cuts and market reaction to the latest headlines between Trump and Fed Chair Powell.

“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.