In the press conference following the Fed’s decision to keep rates unchanged, Powell hesitated to guide toward a rate in the coming months. He struck a hawkish tone, according to a note by Bank of America’s macroeconomics team, putting a damper on investor hopes that the FOMC’s next meeting in September could bring a rate cut.

President Donald Trump is calling for the Federal Reserve’s board of governors to usurp the power of Fed Chair Jerome Powell.

The resignation comes as President Trump has openly pressured the central bank to lower interest rates and called for Jerome H. Powell, the chair, to step down.