The Federal Reserve is leaving its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.

President Donald Trump is set to replace outgoing Federal Reserve Chairman Jerome Powell when his term ends next year. But that doesn’t mean interest rates will come down right away, as Trump might want.

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.