The Cleveland Federal Reserve President, Beth Hammack, has predicted that interest rates may remain steady for a while as economists debate the best response to the impact of tariffs and the Iran war. Currently, the benchmark interest rate sits at 3.75 percent, which Hammack described as "good" amid uncertain conditions. She also noted that the Fed would be monitoring energy prices and consumer spending closely. Treasury Secretary Scott Bessent has indicated that the Federal Reserve should eventually move towards cutting rates. President Trump has criticized the delay and threatened to fire Federal Reserve Chair Jerome Powell if he remains on the Board of Governors after his successor, Kevin Warsh, is confirmed by the Senate.