A vacancy on the Fed is opening early as Trump urges board to 'assume control' if Powell doesn't cut rates

(Credit: Chip Somodevilla—Getty Images)

• President Trump erupted on social media after the Federal Reserve held interest rates steady this week. The president called on the board to “assume control” and lower interest rates on the same day a Biden-appointed Fed governor announced her resignation. Experts say Trump’s understanding of the interest rate decision is misguided and a revolt against Powell is unlikely.

Fed Governor Adriana Kugler announced Friday she is stepping down from her position earlier than expected, giving President Donald Trump the chance to expand his influence over the central bank as he calls for a revolt against Chairman Jerome Powell.