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.

Trump lambasted Powell this week, calling him “Jerome ‘Too Late’ Powell” in a speech to Asian business leaders .

Interest rates should continue their downward journey, as forecasters expect another rate cut from the Fed on Oct. 29. Are more cuts coming?

It's really a different thing,' Jerome Powell told reporters this week. However, the Federal Reserve is closely watching the impact of AI on hiring following high-profile tech layoffs.

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.

The U.S. Federal Reserve's top bank cop, Michelle Bowman, announced plans to reorganize the agency's supervision and regulation division and shrink the unit's staff by roughly 30%, Bloomberg News reported on Thursday.

Gold futures rose modestly on Thursday on possible dip-buying, rebounding after the U.S. Federal Reserve lowered interest rates in line with market expectations but Fed Chair Powell's remarks indicated a December rate cut is "not a foregone decision - far from it.