President Donald Trump on Friday called for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.

Adriana Kugler, a Federal Reserve governor, is stepping down from her position on August 8. Kugler, who joined the Fed in September 2023, was expected to serve until January 31, 2026. What Happened: The Fed announced Kugler’s resignation,