Federal Reserve Governor Christopher Waller stated that the central bank will not keep interest rates low to help the U.S. government finance its deficits, directly countering President Donald Trump's repeated demands for rate cuts. Speaking at a recent conference, Waller emphasized that monetary policy must remain independent and focused on the Fed's dual mandate of maximum employment and price stability. His remarks come as U.S. inflation hit a three-year high of 4.2% in May, driven in part by Trump's tariff policies and the Iran war's disruption of oil shipments through the Strait of Hormuz. Fed Chair Kevin Warsh has also signaled a hawkish stance, insisting the central bank will deliver price stability and stay out of fiscal business. The federal funds target rate currently stands at a range of 3.50% to 3.75% after six cuts between September 2024 and December 2025, but Trump has called for rates of 1% or lower.