Federal Reserve Bank of New York President John Williams said Wednesday that monetary policy is in the right place to allow central bankers to monitor the economy before taking their next steps, and he warned that the impact of trade tariffs is only just starting to hit the economy.

David Solomon, Brian Moynihan and Jane Fraser speak out, joining defenders of the U.S. central bank.

The inflation gauge the Federal Reserve relies on most to decide whether to raise or lower U.S. interest rates is likely to cement a decision by the central bank to stand pat at its next meeting at the end of July.

U.S. economic activity increased slightly in recent weeks, but the outlook was neutral to slightly pessimistic, the Federal Reserve said on Wednesday, as businesses reported the Trump administration's higher tariffs were putting upward pressure on prices.

Bank of America CEO stresses Federal Reserve independence as key to economic stability amid political pressures. Learn why global markets depend on it.

U.S. businesses told the Federal Reserve in June and early July that the loss of immigrant labor is adding to their struggles with the effects of fast-changing trade policies as the Trump administration's economic strategies began gaining traction.

Federal Reserve Governor Michael Barr emphasized that regulation must evolve with the financial system, issuing a warning as Trump-era officials look to ease rules for big banks and shift to a lighter touch.