A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates at its July meeting, breaking ranks with Chair Jerome Powell and staking out the most forceful case yet for easing policy this summer.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

Federal Reserve Governor Christopher Waller on Thursday laid out the argument he is going to make in two weeks to his central bank colleagues — cut interest rates now because the labor market is weaker than you think,

A Federal Reserve governor seen as a candidate to succeed Chair Jerome Powell laid out his strongest case yet for a rate cut this month, aligning himself with President Trump's demands that the central bank lower interest rates.

President Trump has been very vocal about wanting Federal Reserve Chairman Jerome Powell to cut rates. But Yardeni Research president Ed Yardeni doesn't think the central bank should cut at all this year.

The inflation gauge the Federal Reserve relies on most to decide whether to raise or lower U.S. interest rates is likely to cement a decision by the central bank to stand pat at its next meeting at the end of July.

The Bureau of Labor Statistics reported that the consumer price index (CPI), a popular inflation gauge, increased in June to 2.7% on an annual basis as prices rose for consumers.

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.