The Globe and Mail reports in its Thursday edition that only "a couple" of officials at the U.S. Federal Reserve's June 17-18 meeting said they felt interest rates could fall as soon as this month, with most policy-makers remaining concerned about the inflationary pressure they expect to come from President Donald Trump's use of import taxes to reshape global trade. A Reuters dispatch to The Globe says Mr. Trump has demanded immediate, steep cuts and called for Fed Chair Jerome Powell to resign. The minutes released Wednesday, however, showed only narrow support for a near-term reduction in borrowing costs among the Fed's 19 policy-makers, with "some" of them feeling no rate cut would be needed at all. "Most participants" at the Fed's meeting last month preferred rate cuts later this year, with any price shock from tariffs expected to be "temporary or modest," the minutes said. There was no indication that any policy-maker felt the central bank's benchmark overnight rate, currently in the range of 4.25 per cent to 4.50 per cent, should be cut by several percentage points, as Mr. Trump wants. The minutes "underscored the lack of urgency to cut rates any time soon," said BMO economist Priscilla Thiagamoorthy in a note.