Many Americans voted for Donald Trump on the belief he would improve the U.S. economy, but what exactly could that look like? Interest rates are an area a lot of people will be keeping a close eye on. On Nov. 7, the Federal Reserve slashed its benchmark interest rate by a quarter of a percentage point to 4.5-4.75% marking the second reduction this year.However, Federal Reserve Chair Jerome Powell has indicated he would move cautiously going forward because of persistent inflation. There's some independence between the Federal Reserve and the White House, so Powell is likely to remain in his position through the end of his term, which expires in 2026. RELATED STORY | Federal Reserve slashes interest rates by quarter-point as inflation coolsAnother area of economic interest will be tariffs. Trump campaigned putting tariffs on goods from countries like China. Some economic experts warn that tariffs could cause inflation be inflationary. Hedge fund manager Scott Bessent will be a key figure in the Trump administration tasked with helping improve the economy and keeping inflation in check. He was tapped on Friday to be the new treasury secretary. "On the eve of our Great Countrys 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the Worlds leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World," Trump said.RELATED STORY | Florida's economy could suffer from Trumps mass deportation plan, experts say