Bessent, Cleveland Fed Chief Expect the Fed to Exercise Caution on Interest Rates

‘My baseline is that we’re going to remain on hold for a good while,’ said Cleveland Fed President Beth Hammack.

Federal Reserve Chairman Jerome Powell arrives to speak at a news conference following the Federal Open Market Committee meeting in Washington on Oct. 29, 2025. Madalina Kilroy/The Epoch Times

U.S. officials, including Treasury Secretary Scott Bessent and Federal Reserve Bank of Cleveland President Beth Hammack, are expecting the Federal Reserve to take a wait-and-see approach to interest rates amid the Iran war.

Bessent, who has repeatedly urged the central bank to lower interest rates, said he would “understand” if officials waited to see what happens with war and inflation expectations.