The Fed left interest rates unchanged, after President Donald Trump again demanded the U.S. central bank cut borrowing costs.

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 suddenly has a chance to fill an opening at the Federal Reserve earlier than expected, after Fed Governor Adriana Kugler announced her resignation Friday. It may also force him to pick the next Fed chair months sooner than he’d anticipated.