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

PANews reported on August 6th that, according to Global Markets, US President Donald Trump said he would decide this week who would replace outgoing Federal Reserve Governor Adriana Kugler. The Fed announced last Friday that Kugler would resign before the end of her term 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 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 one of Powell's successors when his term as Chairman expires in May and could potentially meet the Trump administration's expectations regarding the tone of interest rate policy.