President Trump recently nominated Stephen Miran, head of the Council of Economic Advisers, to fill a vacancy on the Federal Reserve, bringing a loyalist into the central bank. The opportunity arose unexpectedly when Fed governor Adriana Kugler resigned six months ahead of her term's end.

Biden appointee Adriana Kugler hasn’t said why she is leaving. Her departure comes at a precarious time for the central bank.

Trump nominated Miran on Thursday to complete Kugler’s term, which expires on Jan. 31. Trump has been demanding that Chair Jerome Powell and his Fed colleagues lower rates. He has said the Fed’s policy rate should be at 1%,