according to data, Kashkari of the Federal Reserve said that the major changes in US trade and immigration policies have brought uncertainty to Fed officials taking interest rate actions before September, as the Trump administration continues tariff negotiations with many countries. Kashkari said on Monday: "Everything is possible, but by September, will the situation be clear enough? I'm not sure now. We need to see what the data says and how the negotiations progress."

He added that if the US and other countries reach a trade agreement in the coming months, "this should provide us with a lot of clarity we are looking for." The widely imposed tariffs are believed to push up US inflation, while dragging down economic growth due to reduced business investment and household spending control. Kashkari and other central bank officials, including Gursbi, have all said that the threshold for cutting interest rates in the short term remains high. Kashkari said: "This uncertainty may put pressure on economic activity and pose challenges for us, as we are unsure how things will develop, and therefore unsure which direction monetary policy should take."