John C. Williams, President and CEO of the Federal Reserve Bank of New York, has stated that rate cuts are still possible. This statement comes amid uncertainty over the effects of the U.S. and Israeli military attacks on Iran. Williams stated that the Fed is positioned to support the stabilization of the labor market and return inflation to its 2% goal. The Fed had previously reduced its benchmark interest rate to the 3.50-3.75% range last year in an effort to support a weakening job market. However, the war's impact on energy prices is causing concern for global markets.