U.S. Treasury Secretary Scott Bessent told reporters last week that he still wants the Federal Reserve to cut interest rates, but he understands if policymakers wait until the economic picture becomes clear first.

In his remarks delivered on April 14 at the Semafor Global Economy Conference in Washington, D.C., Bessent outlined a position that falls between the Trump administration’s long-standing demand for rate cuts and the reality of an inflation rate that has been shaped by a war that began less than two months ago.

Bessent said, according to CNBC: “I am completely confident that core inflation... which is fully under control and already declining in many categories, will continue to fall. I think interest rates should be cut, but if they want to wait until things become clearer, I understand that.”