Federal Reserve Governor Kugler Resigns amid Sharp Split over Interest Rates
Federal Reserve Governor Adriana Kugler announced her resignation on Friday, creating a key vacancy just as President Donald Trump intensifies his push for steep interest rate cuts, in a rare and highly publicized rift within the U.S. central bank.
In a letter addressed to President Trump, Kugler did not specify her reasons for stepping down, noting only that she would return to Georgetown University as a professor this fall.
'It has been a tremendous honor to serve on the Board of Governors of the Federal Reserve,' Kugler wrote. 'I am especially proud to have served during a critical time in fulfilling our dual mandate of bringing down inflation while maintaining a strong and resilient labor market.'
Kugler's term was originally set to expire in January 2026. Her departure paves the way for Trump to nominate his own candidate to the seven-member Board of Governors. According to CNBC, two of Trump's previous appointees, Christopher Waller and Michelle Bowman, voted against the Fed's decision on Wednesday to keep its benchmark interest rate unchanged, signaling instead their preference for an immediate rate cut.
The Federal Reserve held rates steady in its latest policy meeting, but remarks from Chair Jerome Powell afterward dampened expectations that borrowing costs would begin to fall in September. This triggered frustration from Trump, who has called for swift and deep rate reductions to stimulate the economy.
The policy decision passed by a narrow 9–2 vote, an unusually divided outcome for a consensus-driven institution. It marked the first time in more than three decades that two Fed governors dissented from the majority on a key interest rate decision.
The President nominates all members of the Fed's Board of Governors, subject to confirmation by the U.S. Senate. Kugler's resignation now gives Trump a critical opportunity to further reshape the central bank at a pivotal moment for U.S. monetary policy.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
News
China Launches Largest Ever Aircraft Carrier
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
Business
Egyptian Pound Undervalued by 30%, Says Goldman Sachs
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
Arts & Culture
Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
Sports
Get to Know 2025 WWE Evolution Results
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
28 minutes ago
- Al-Ahram Weekly
Egypt's Senate elections to kick off on Monday nationwide
Egyptian voters will head to the ballot boxes nationwide on Monday and Tuesday to choose their representatives for the upcoming session of the Senate from among 428 candidates. From 9 AM to 9 PM, eligible Egyptian voters will head to 8,286 polling stations across all governorates, according to the National Elections Authority (NEA). A total of 9,500 judges from the State Lawsuits Authority and the Administrative Prosecution Authority will oversee the Senate elections, supervising subcommittees nationwide. Notably, 2,500 of these judges are women, marking a significant milestone for female representation in judicial electoral oversight. In a notable step toward inclusivity, the NEA has introduced ballots in both sign language and Braille, enabling visually and hearing-impaired voters to cast their votes independently for the first time. Heads of subcommittees have been instructed to assist with requests while ensuring the secrecy and integrity of the voting process. Egyptians abroad concluded their voting on Saturday at 136 polling stations across 117 countries. According to the NEA, 428 candidates are competing for individual seats, including 186 independents and 242 affiliated with political parties. Under the list-based system, a single electoral list—The National List for the Sake of Egypt—is running unopposed in all designated constituencies. The Senate was reinstated following the 2019 constitutional referendum. Under the 2022 amendments to the electoral law, the chamber now comprises 300 members: two-thirds elected by direct public vote and one-third appointed by the president. At least 10 percent of seats are reserved for women. Preliminary figures show that four political parties—Mostaqbal Watan (Nation's Future), the Unified Front, Homat Watan (Protectors of the Nation), and the People's Republican Party—are collectively fielding approximately 303 individual candidates. Opposition parties such as the Justice Party, the Egyptian Democratic Party, and the Reform and Development Party are also participating in the individual race with their own nominees. The National Unified List, the sole party list in the elections, is led by Mostaqbal Watan and represents a coalition of 12 political parties. Mostaqbal Watan is fielding 44 candidates, followed by Homat Watan with 19, and the National Front with 12. The remaining participating parties—including the People's Republican Party, Egyptian Democratic Party, Reform and Development Party, Justice Party, Wafd Party, Tagammu Party, Generation's Will Party, Freedom Party, and Congress Party—are each represented by five or fewer candidates on the list. Final results will be announced on 12 August. If a runoff is required, campaigning will resume on the same day the first-round results are announced. Appeals against the NEA's announcement must be submitted within 48 hours, with the final deadline being Thursday, 14 August. The Supreme Administrative Court will rule on any appeals between 15 and 24 August, with the electoral silence period for the runoff beginning on 24 August. Runoff voting for Egyptians abroad will take place on Monday and Tuesday, 25 and 26 August, followed by domestic runoff voting on Wednesday and Thursday, 27 and 28 August. Final runoff results will be announced on Thursday, 4 September. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
32 minutes ago
- See - Sada Elbalad
MFA, FRA Sign Protocol within Framework of "Your Insurance in Egypt" initiative for Expatriates
Taarek Refaat Egypt has taken a significant step toward strengthening social protection for its expatriate citizens with the signing of a new cooperation protocol between the Ministry of Foreign Affairs and Emigration and the Financial Regulatory Authority (FRA) as part of the nationwide initiative "Your Insurance in Egypt". The agreement was signed on Sunday by Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs and Emigration, and Dr. Islam Azzam, Deputy Chairman of the FRA, in the presence of Badr Abdel Ati, Minister of Foreign Affairs, and Mohamed Farid, Chairman of the FRA. The protocol aims to integrate Egyptians working abroad and their families into the national social protection system by enhancing the personal accident insurance policy. The revamped policy increases the compensation ceiling for death or total permanent disability to EGP 250,000, up from EGP 100,000, and will come into effect starting July 2025. This development marks a strategic shift in the government's approach to diaspora engagement, offering a broader and more inclusive insurance net. The coverage, previously limited to those holding official work permits under Law No. 173 of 1958, will now extend to all Egyptians working abroad and their families, regardless of permit status. The insurance policy will be administered by the Egyptian Travel Insurance Pool, which will oversee the expanded coverage structure. Egyptians abroad can subscribe to the policy via the pool's official website, mobile app, and WhatsApp, facilitating easier access to services and supporting efforts to boost insurance inclusion. Key benefits of the revised policy include: Coverage in the event of natural or accidental death while abroad. Compensation for total permanent disability resulting from accidents. Full coverage of actual costs for repatriating remains, up to a maximum of EGP 250,000. Equivalent compensation if burial occurs abroad, based on the average cost of body repatriation paid that year. Funds distributed to legal heirs, in the event of accidental death, after submitting required documentation. Eligibility is restricted to individuals aged 18 to 70 at the time of the insured incident. Officials emphasized that this cooperation reflects the state's ongoing commitment to provide comprehensive protection for Egyptians worldwide, aligning with broader efforts to promote financial inclusion, insurance accessibility, and social cohesion. "This initiative is not just an insurance policy; it's a declaration of responsibility to Egyptians wherever they are," said one senior official involved in the agreement. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Egypt Officially Raises Public Sector Minimum Wages
Taarek Refaat Egypt's Official Gazette has published Decree, signed by Prime Minister Mostafa Madbouly, introducing amendments to the public sector minimum wage framework effective July 1, 2025. The decree updates key provisions of the 2019 wage legislation to reflect new wage thresholds for government employees and workers at public economic authorities. The move comes amid broader economic reforms and cost-of-living concerns, with the government seeking to bolster real incomes across all employment grades in the public sector. New Minimum Monthly Wage: Exceptional 13,500 High 11,250 General Manager 10,250 First Grade 8,500 Second Grade 8,000 Third Grade 7,750 Fourth Grade 7,000 Fifth Grade 7,250 Sixth Grade 7,000 The decree also introduces an updated mechanism for a "complementary wage incentive", ensuring that any employee whose total income falls below the minimum wage threshold for their grade will receive a top-up. The calculation will exclude certain special allowances such as remote-area bonuses, risk allowances, or non-cash benefits, while regular bonuses and collective financial advantages will be averaged into the monthly wage for assessment. This incentive system aims to harmonize wage fairness across ministries and public entities while maintaining eligibility conditions aligned with the Civil Service Law and other relevant public finance legislation. The amendments were adopted following Cabinet approval and a comprehensive legal review, as referenced in the decree's legal preamble, which cites Egypt's Unified Public Finance Law and recent Law, which governs public sector bonuses and incentives. The Egyptian government has incrementally raised the minimum wage in recent years as inflationary pressures and currency fluctuations have affected purchasing power. The current adjustment follows multiple prior increases, with the most recent benchmark set in 2024 at EGP 10,000 for many categories. As of July 20, 2025, more than 3.5 million public sector employees are expected to benefit from the new wage structure, including those in administrative bodies, service agencies, and economic authorities. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
