President Donald Trump on Wednesday called on a top policymaker at the Federal Reserve to resign, after one of his allies alleged that she committed mortgage fraud.

Federal Reserve chair Jerome Powell is scheduled to speak at the central bank's annual Jackson Hole Symposium on Friday, an event that could be a major test of the stock market's post-"Liberation Day" rally.

The administration accused the official, Lisa Cook, of mortgage fraud and said it would refer the matter for criminal investigation.

A potential candidate to succeed Federal Reserve Chair Jerome Powell, David Zervos, said that it’s inaccurate to describe the US central bank as independent, and characterized the outgoing Fed chief as aligned with the political left.

Powell is slated to give his annual address in Jackson Hole, Wyoming, on Friday. Swaps are pricing in a high probability the Fed will cut borrowing costs by a quarter point next month. In the face of mounting pressure from President Donald Trump for hefty reductions,