U.S. President Donald Trump said on Tuesday he will decide on a nominee to fill a coming vacancy on the Federal Reserve's Board of Governors by the end of the week, and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four.

President Donald Trump told reporters Tuesday he would name a new Federal Reserve governor before the end of the week.

Adriana Kugler will resign from her role as a Federal Reserve governor — opening up a vacancy on the board as President Trump pressures the Fed to slash interest rates.