The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

Only "a couple" of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from President Donald Trump's use of tariffs to reshape global trade.

The debate over how and when the tariffs will affect prices has divided central bank policymakers over the trajectory for interest rates.