Raphael Bostic, the president of the Federal Reserve Bank of Atlanta and the first Black and openly gay person to lead one of the central bank’s 12 regional branches, will step down at the end of his term in February, the bank announced Wednesday.

Bostic, 59, has served as Atlanta Fed president since 2017, overseeing the district that spans six Southern states. The bank did not give a reason for his retirement, but the move effectively takes him out of the reappointment process that all Fed bank presidents must complete by the end of February.

His planned departure comes as the Fed faces mounting pressure from President Donald Trump, who is seeking to install a majority of policymakers willing to cut interest rates to juice the economy. Trump has publicly mused about firing Fed Chair Jer

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