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.

First, consider the case of Richard Nixon and his Fed Chairman, Arthur Burns. At the end of 1969, after he was nominated, but before he took office, Burns was told by Nixon that his predecessor “was always six months too late doing anything.

The independence of central banks, which allows policymakers to operate free from political meddling, is considered sacrosanct by investors and economists.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

A Fed policy rate that low is not typically a sign that the U.S. is the "hottest" country in the world for investment, as Trump has said.