Last week, Adriana Kugler, one of the seven members of the Federal Reserve Board of Governors, announced her resignation. That means that President Donald Trump will have the opportunity to nominate a new member, who will then face the U.S. Senate for confirmation.

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.