The US Federal Reserve is expected to keep interest rates steady today, in an early test for new chair Kevin Warsh, who faces pressure from President Donald Trump to ease borrowing costs.

Trump has persistently called for the Fed to cut rates, but the Iran war has upended energy markets, with gasoline prices surging and electricity costs in the US expected to reach a record this summer, pushing inflation to a three-year high. May’s better-than-expected jobs report has added to calls for rate hikes, with betting markets predicting a rise soon. Though increasing rates is “the prudent thing to do,” Warsh will likely try to buy time, an expert told the Financial Times.