Fed governor Kugler resigns, giving Trump vacancy

Federal Reserve governor Adriana Kugler will resign her job next week, the Fed said in an announcement, giving President Trump an early opportunity to appoint a favored candidate for potential leadership of the central bank.Why it matters: Kugler's spot was not scheduled to come open until January and there are no other vacancies on the seven-member board.Now Trump will have an opportunity to appoint a governor to pressure Chair Jerome Powell — and potentially succeed him — immediately.Driving the news: Kugler will step down August 8, next Friday, to return to Georgetown University as a professor, according to the statement.Kugler did not participate in this week's Fed policy meeting, with the board citing a personal matter.Kugler, a former chief economist at the Labor Department, was appointed by President Biden in 2023.Between the lines: Trump allies have suggested naming a "shadow Fed chair" in waiting in advance of Powell's term as chair's conclusion in May.The Kugler vacancy will allow him that chance five months earlier — to have a hand-picked choice for the central bank in the room as the Powell Fed sets interest rate policy in the months ahead.Trump is furious at Powell for not cutting interest rates.This is breaking news.

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