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Trump will decide on the new Fed governor this week, who may also be Powell's successor.
PANews August 6 news, according to Global Market Broadcast, U.S. President Donald Trump stated that he will decide this week who will replace the soon-to-retire Federal Reserve Board of Governors member Adriana Kugler. The Fed announced last Friday that Kugler would resign from her position before her term ends in January next year. This provides Trump with an opportunity earlier than expected to place someone who aligns more with his stance on interest rate cuts into the Federal Reserve Board. Meanwhile, Trump is repeatedly pressuring the Fed and its chairman Jerome Powell to drop borrowing costs. Regardless of whom Trump chooses to serve as a Federal Reserve Board member, this person may become one of the successors to Powell, whose term as chairman ends in May, and may align the interest rate policy formulation with the expectations of the Trump administration.