The Federal Reserve said on Friday that Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, potentially shaking up what was already a fractious succession process for Fed leadership amid difficult relations with President Donald Trump.

Trump has launched a series of scathing attacks on Powell over his refusal to reduce interest rates. The president claimed that the central banker is "TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair" in a post on his Truth Social website on Thursday.

President Trump says he will name a new Federal Reserve governor and Bureau of Labor Statistics (BLS) chief this week after two major departures: Trump's firing of the BLS head over weak jobs data and Fed governor Adriana Kugler's resignation.