Trump has urged the Fed to significantly lower interest rates.

The Federal Reserve pushed the pause button on its interest rate cuts Wednesday, leaving its key rate unchanged at about 3.6%.

Prices are swinging across financial markets on Friday as investors try to figure out what President Donald Trump’s new nominee to lead the Federal Reserve will mean for them. The initial reactions have been uneasy and sometimes quick to change because of the uncertainty.

Relief that President Donald Trump said he’d tap Kevin Warsh to head the Federal Reserve, rather than someone seen as more willing to ignore inflation and slash interest rates, sent the dollar and short-dated Treasuries rallying.