Trump will decide on a new Fed governor this week, who could be Powell's successor.

US President Donald Trump said he will decide this week who will replace outgoing Federal Reserve Governor Adriana Kugler. The Fed announced last Friday that Kugler will resign before her term ends in January. This provides Trump with an earlier-than-expected opportunity to install someone more sympathetic to his stance on interest rate cuts on the Fed's board. This comes as Trump repeatedly pressures the Fed and its Chairman, Jerome Powell, to lower borrowing costs. Whoever Trump chooses for the Fed board is likely to be a successor to Powell, whose term as chairman expires in May, and could potentially meet the Trump administration's expectations regarding the tone of interest rate policy.