The Vice Chairman of the Federal Reserve publicly sings "pigeon": the earliest interest rate cut may be in July Federal Reserve Vice Chairman Bauman made dovish remarks, suggesting that a rate cut could occur as early as July due to inflation approaching the 2% target and rising job market risks. She believes that tariffs have limited impact on inflation and supports adjusting interest rates to neutral levels to maintain labor market stability. The Federal Reserve kept interest rates unchanged from 4.25% to 4.5% last week, maintaining a wait-and-see attitude in the face of uncertainty regarding Trump's trade policies. Bauman and council member Waller are both open to a rate cut in July, while Trump continues to pressure for a rate cut. Bauman is optimistic that inflationary pressures are manageable and the core PCE inflation trend is close to the target, but warns that job market fragility may intensify.