On June 24th, the internal game within the Federal Reserve regarding the path of interest rate cuts further intensified. Michelle Bowman, the Vice Chair of Federal Reserve Regulation nominated by Trump, explicitly stated in congressional testimony that if inflation remains moderate, she supports initiating interest rate cuts as early as July to “prevent potential structural weakness in the labor market. This statement echoes another confidant of Trump, Federal Reserve Governor Christopher Waller, who emphasized in his speech on June 20 that the impact of tariffs on inflation “may be short-lived” and that the Fed should “prioritize economic downside risks” to open a policy window for a July rate cut.