Federal Reserve officials reinforced Friday why this week’s rate cut was so contentious, with one arguing the central bank’s credibility on inflation gives it room to keep easing if the labor market softens and another warning cuts could squander decades of hard-won gains in anchoring price expectations at a low level.

In an interview with The Wall Street Journal, the president said the next Fed chair should consult with him on interest rates.

President Trump said he was leaning toward choosing either Warsh or Kevin Hassett to succeed Fed chair Jerome Powell.