The Federal Reserve is likely to resume lowering interest rates in September, but it won’t be an easy call for the central bankers, economists said Thursday in the wake of the June jobs report.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.

The Federal Reserve has room to cut interest rates as elevated uncertainty and the impact of tariffs ripple across the economy, said Anne Walsh, chief investment officer of Guggenheim Partners Investment Management.