The Fed took a hit to its independence late Tuesday with a new Trump executive order that seeks to rein in the autonomy of independent agencies that do not operate under day-to-day control of the White House.

President Donald Trump isn’t waiting for the Federal Reserve to fix anything. His administration is sidestepping the central bank and focusing directly on Wall Street’s bond market, betting that controlling the 10-year Treasury yield will be more effective than cutting short-term interest rates.

Donald Trump’s administration is charting a course that looks beyond the Federal Reserve, seeking to lower borrowing costs for Americans by influencing a key rate shaped more by Wall Street than by the central bank in Washington,

National Economic Council director Kevin Hassett hopes to bring down borrowing costs via 10-year Treasury yields, echoing the stance of Treasury Secretary Scott Bessent.