Trump to Name New Fed Governor After Kugler Resigns; BLS Head is Fired
Main Idea
President Trump is set to appoint a new Federal Reserve governor following Kugler's resignation and has dismissed the Bureau of Labor Statistics (BLS) head, Erika McEntarfer, amid disputes over a jobs report.
Key Points
1. Kugler, appointed in 2023, confirmed her resignation in a letter to the White House, with potential replacements including Kevin Hassett, Kevin Warsh, and Scott Bessent, who align with Trump's preference for lower interest rates.
2. Trump dismissed BLS Commissioner Erika McEntarfer after a dispute over a weak July jobs report and significant downward revisions, drawing criticism from former officials like William Beach and Larry Summers.
3. The new Federal Reserve appointment will influence monetary policy ahead of Chair Jerome Powell's term ending in May 2026, while the BLS leadership change could impact future economic data reporting.
4. Treasury yields and the U.S. dollar fell following news of Kugler’s resignation and McEntarfer’s removal, reflecting market reactions to the changes.
5. Both the Fed and BLS appointments require Senate confirmation, with the Fed role directly affecting interest rate debates.
Description
Trump plans to announce a new Federal Reserve governor after Adriana Kugler’s resignation effective August 8. Erika McEntarfer’s removal as BLS head followed disputes over jobs data, drawing criticism from former officials. Both appointments will influence U.S. monetary policy, labor data reporting, and market sentiment ahead of Powell’s term end in 2026. President Donald Trump is preparing to name a new Federal Reserve governor, a major shake-up that comes as his administration also fired the h...
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