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 cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring, even as inflation stays elevated. But Fed Chair Jerome Powell also cautioned that further rate cuts weren’t guaranteed,

Inflation ticked up again in September. Price gains were led by increases in the cost of gasoline. See what other costs went up and down.