U.S. Treasury yields were little changed on Thursday as investors weighed the Federal Reserve’s first interest rate decision of 2025.

At 3:30 a.m. ET, the 10-year Treasury yield was lower by four basis points to 4.5143%. Meanwhile, the 2-year Treasury yield was down one basis point to 4.2155%.

One basis point is equal to 0.01% and yields and prices move in opposite directions.

On Wednesday, the central bank’s Federal Open Market Committee left its overnight borrowing rate unchanged at a range between 4.25%-4.5%, in a move that investors had been anticipating after three consecutive cuts since September 2024.

Policymakers noted in a post-meeting statement that “inflation remains somewhat elevated” and “the unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid.”

They added that the central bank would need to see “real progress on inflation or some weakness in the labor market before we consider making adjustments.”

Investors were pricing in a nearly 100% chance that the Fed would keep rates steady in this meeting, and don’t see another cut coming till June.

At a press conference following the decision, Fed Chair Jerome Powell said he will not be responding to President Donald Trump’s demands for immediate interest rate cuts, and that he had “no contact” with Trump since the comments were made last week.

“I’m not going to have any response or comment whatsoever on what the president said,” Powell said at his press conference on Wednesday. “It’s not appropriate for me to do so.”

Investors are also awaiting further economic data including the fourth-quarter gross domestic product reading, and weekly jobless claims, both out on Thursday morning.

They will also look ahead to Friday’s personal consumption expenditures price index report for December — the Fed’s preferred inflation gauge.