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 will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring

The yield on the 10-year Treasury note was rising Thursday to around 4.09%, after on Wednesday posting its biggest jump since July, according to Dow Jones Market Data. That was despite the Fed having just lowered its policy rate by a quarter-percentage point.