Donald Trump’s tariffs have opened a schism at the Federal Reserve as top policymakers spar over whether to cut interest rates as soon as this summer or hold them steady for the remainder of 2025.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

Federal Reserve governor Christopher Waller said the central bank could be positioned to cut interest rates at its July meeting, notwithstanding potential inflation pressures from tariffs. “I think we’ve got room to bring it down,