Federal Reserve governor Adriana Kugler's resignation creates high odds that the nation will soon learn who the next leader of the central bank will be. Why it matters: There is a high likelihood that President Trump's nominee to the vacant post will join the Fed well before the chairmanship of its current leader,

Trump on Thursday announced he has selected Stephen Miran, chair of the Council of Economic Advisors, to serve on the central bank.

The position, which comes with a spot on the interest rate-setting Federal Open Market Committee, comes after Fed Gov. Adriana Kugler resigned early.