The Fed on Wednesday announced its second interest-rate cut of 2025, reducing borrowing costs in a move to spur U.S. hiring.

Last month, the Federal Open Market Committee (FOMC), a policymaking body at the Fed, projected two additional quarter-point rate cuts over the remainder of the year. By contrast, Trump has called for rate cuts totaling as much as 3 percentage points. Trump has carried out a pressure campaign at the Fed with little precedent.

The Federal Reserve on Wednesday cut interest rates by a quarter point for the second meeting in a row, signaling policymakers are still more concerned about the labor market than inflation. The widely expected cut lowered rates to a new range of 3.75% to 4%. It’s the first time since 2022 that rates set by the Fed have dipped below 4%.