The U.S. Treasury Secretary reiterated that there will be an interest rate cut before September, stating that The Federal Reserve (FED) incorrectly predicted the rise in inflation.

On July 3, Nick Timiraos, a reporter for The Wall Street Journal known as the "mouthpiece of the Federal Reserve," stated in an article that U.S. Treasury Secretary Behnam again indicated in an interview that the Federal Reserve should be able to cut interest rates before September based on its own criteria. Behnam said, "I think if the criteria for cutting rates is that tariffs do not lead to Inflation, then if the Federal Reserve follows this standard, I think they could implement it ahead of schedule, but certainly before September. However, I don't agree with the Federal Reserve's criteria, but if they are going to follow this standard, then why not implement it in the autumn?" Behnam stated that the Federal Reserve's prediction about rising inflation is incorrect, but he does not question the Federal Reserve's view that economic growth will weaken and noted that the forecast for slowing economic growth should prompt the Federal Reserve to resume cutting rates. Behnam previously stated that he would not comment on future monetary policy.