Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House.

Is the Federal Reserve suddenly open to cutting U.S. interest rates as early as July? That’s what Wall Street investors want to know when Fed Chair Jerome Powell testifies before Congress this week.

Federal Reserve governor Michelle Bowman supports a rate cut 'as soon' as July, highlighting the growing division within the central bank about whether to ease monetary policy in the near term.