O n Friday, the Federal Reserve announced Adriana D. Kugler, a member of its Board of Governors, is resigning early in a move that will allow President Donald Trump to select her replacement amid ongoing tensions with Jerome Powell, the body's chair.

“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler wrote in a resignation letter to Trump on Friday. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”

Federal Reserve governor Adriana Kugler announced that she will step down next Friday, opening up a spot on the central bank’s powerful board that President Donald Trump will be able to fill.