John Williams, president of the New York Fed, suggested he is reluctant to support lowering interest rates ahead of the central bank’s next meeting later this month, arguing that tariffs are likely to drive further inflation.

“It’s by now widely agreed, almost all over the world: If you leave monetary policy in political hands, you’ll get too much inflation,” Alan Blinder, a professor of economics at Princeton University and former vice chairman of the Federal Reserve, told ABC News.

With June's inflation reading coming in hotter than the month prior, the Fed is under renewed pressure to maintain its current target range for the federal funds rate. Analysts now see little chance of a rate cut in the near term. That means HELOC borrowers are unlikely to see significant rate drops anytime soon.

By Michael S. Derby NEW YORK (Reuters) -Boston Federal Reserve President Susan Collins said on Tuesday she's in no rush to change the U.S. central bank's benchmark interest rate amid current economic uncertainty,