Trump appointee Stephen Miran said tariffs are not pushing up inflation and that inflation will come down on its own because of Trump's immigration crackdown. On Monday, at least four members of the central bank's policy committee discussed whether the Fed should cut its key interest rate further in the months ahead. Three speakers explained why they favored a cautious approach and were concerned about the risks of high inflation. If the central bank continues cutting the fed funds rate, interest rates on credit cards, auto loans, business loans, and other borrowing will be cheaper. Why Inflation Troubles Some Fed OfficialsFed officials cut the fed funds rate in September to give a boost to the faltering job market, but some officials, including Fed Chair Jerome Powell, were wary of cutting it too much for fear of stoking inflation.