Her resignation now paves the way for Trump to put his own nominee in for the Board of Governors. Two of his prior appointments, Christopher Waller and Michelle Bowman, voted against the decision at Wednesday's meeting to hold the Fed's key rate steady, instead indicating they wanted to lower.

President Donald Trump wants the Federal Reserve to cut interest rates by a lot, quickly. He will get that, and probably much more, under the next Fed chair.

President Trump wants the Fed to slash borrowing costs, but the central bank is unlikely to take such aggressive steps even once it begins to lower interest rates.