Trump just put pressure on the Fed to cut rates. Here's what it'd take for that to happen, according to economists

Inflation has held below the Federal Reserve’s inflation target of 2%, a stubborn point for central bankers, but remains solid enough. If it were to fall further, however, officials could eventually cut to underscore a commitment to higher inflation.

"If [Fed Chair Jerome Powell] is really serious about low inflation being ‘one of the major challenges of our time’ – either as an economic issue or a political fig leaf – then yes the Fed could cut rates to support inflation,” said Josh Wright, chief economist at iCIMS.

While growth is expected to slow in the coming months, the Federal Reserve has reiterated that the overall outlook remains solid. A return to strong hiring growth in March has further assuaged fears that a downturn is imminent.

"For the Fed to cut rates, growth would have to be pinned below the economy's potential or financial market conditions would have be to tightening significantly," said Ryan Sweet, an economist at Moody's Analytics.