The 10-year Treasury yield was up to about 4.13% on Friday, signaling concerns in the bond market aren't thrilled with the Federal Reserve's messaging around its first rate cut in nine months, according to Arthur Laffer Jr.

Treasury yields were falling Wednesday after the Federal Reserve announced that it is lowering its benchmark interest rate by a quarter of a percentage point, a decision widely expected by investors.

Federal Reserve policymakers projected inflation will rise to 3% in 2025 while unemployment will reach 4.5% as the central bank begins cutting rates after holding them steady all year.

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The Federal Reserve cut rates by 25 basis points and projects gradual reductions through 2028, with a long-term target of 3%. Read what investors need to know.