The Federal Reserve on Wednesday opted to keep interest rates steady, despite the installation of Kevin Warsh as Fed chairman, the Wall Street Journal reported.

Trump had appointed Warsh to replace Powell, whom he repeatedly criticized for his hesitance to lower interest rates.

Warsh was confirmed in May and previously opted to hold rates steady in the June Fed meeting. The agency had been expected to hold rates constant yet again.

Concerns over the independence of the Fed during the Trump administration have been prominent, especially among Democrats, and amid Trump's efforts to prematurely oust the last chairman, Jerome Powell.

But Trump's preferred replacement has appeared no more willing to lower rates than his predecessor.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.