The Iran War has led to a rethink of the Federal Reserve's interest rate policy regarding interest rates. The sooner the conflict ends, the sooner the central bank and traders had expected, according to Fed Governor Christopher Waller. Waller stated that the Iran War is likely to increase inflation in the near term, but added that monetary policymakers would be open to cutting interest rates later this year if peace in the Middle East was reached in a timely manner. Fed Governor Stephen Miran also adjusted his outlook for multiple interest-rate cuts this year. The Federal Open Market Committee (FOCC) has held the rate steady after the last two meetings. The Fed's goal is to balance full employment and price stability, which can lead to higher inflation and weaker job market.