Atlanta Fed chair steps down as Trump attacks central bank’s independence

Raphael W Bostic will retire in February – creating another vacancy on Federal Reserve’s powerful policy committee

The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank.

Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February – creating another vacancy on the Fed’s powerful policy committee.

As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.

After Adriana Kugler resigned in August from the Fed’s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.