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.

The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.

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.