Fed Gov.Adriana Kugler is resigning her position effective August 8, to accept a position at Georgetown. That opens an appointment from Pres. Trump. Fed governors also have a permanent vote on the Fed.

With the president already licking his chops to appoint a new Fed chair, this gives him a total of two appointees. Recall he appointed both Bowman and Waller in his first term. Both of them dissented to ease rates at the last meeting.

The Fed is not supposed to be political, but surprise, surprise, it is shifting that way.

Kugler was not at the meeting this week for “personal reasons”. It seems like she recused herself from voting given her circumstances