Donald Trump is pressuring the Federal Reserve to cut interest rates following a favorable inflation report, arguing that the current base rate is too high with a modest 2.3% annual CPI increase. However,

Inflation eased to a four-year low in April as the nascent impact of President Donald Trump’s sweeping tariffs were offset by their cost-dampening effects in a slowing economy. Overall consumer prices increased 2.

Federal Reserve vice chairman Philip Jefferson said Wednesday that if the tariffs already unveiled by President Trump are sustained, it will cause "at least" a temporary increase in inflation. There are signs in the recent data of progress on inflation,