Trump has launched a series of scathing attacks on Powell over his refusal to reduce interest rates. The president claimed that the central banker is "TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair" in a post on his Truth Social website on Thursday.

Adriana Kugler, who sits on the Federal Reserve Board of Governors, unexpectedly announced her resignation on Friday, giving President Donald Trump a new vacancy to fill at the Fed. Kugler, 55, first assumed office at the Fed board in 2023.

Kugler's resignation gives Trump an opportunity to at least partially shape the Fed's makeup to his liking ahead of her original departure date. Kugler, a Biden-appointed governor, joined the seven-member board in 2023 and was set to serve through January 2026.