The Federal Reserve on Wednesday voted to take a break from a recent run of interest rate cuts, as the central bank navigates questions about its independence and awaits a new leader.

President Donald Trump nominated Kevin Warsh as the next chair of the Federal Reserve Jan. 30. Here's what to know.

The former Federal Reserve governor has deep ties to Wall Street, was previously interviewed for the job in 2017, and has been an outspoken critic of America's central bank.

Now down to a four-person short list, the candidates to take the reins from Powell all agree with Trump that rates should be lower.