According to TechFlame, US Treasury Secretary Bessent said on Tuesday night that he believes the Federal Reserve may cut interest rates in September or “earlier” because Trump's tariffs have only triggered moderate inflation so far. “I think the standard is that tariffs don't cause inflation. “If they want to follow this standard, I think they'll probably act sooner, but definitely before September,” Bezent said. “I'm guessing this tariff imbalance syndrome will even happen at the Federal Reserve.” When Bezent made these remarks, Trump increased pressure on the Federal Reserve and Powell to cut interest rates by up to 3 percentage points.