Trump Muses About Ousting Powell as Fed Pick Nears
President Donald Trump said he already has a preferred candidate in mind to be the next chair of the Federal Reserve, but indicated he is not in a rush to announce a choice. In the same remarks, Trump also floated the idea that he might remove the current Fed chair, Jerome Powell.
The comments put fresh attention on leadership at the central bank, which is responsible for setting monetary policy in the United States. For trucking, Fed policy matters because it influences interest rates across the economy, shaping the cost of equipment loans, business credit, and consumer spending that drives freight demand.
Any talk of changing the Fed’s top leadership can move markets and raise questions about policy direction. Drivers and small fleets often feel the impact through financing costs, particularly when buying trucks and trailers or renewing lines of credit used to cover fuel, maintenance and payroll.
The Federal Reserve chair is a high-profile role because the Fed’s decisions on interest rates are closely tied to inflation and economic growth. Those factors ripple through transportation: higher borrowing costs can slow investment and spending, while inflation pressures can affect everything from parts and tires to insurance and shop rates.
Trump’s remarks underscored two separate points: that he says he has a candidate in mind for the Fed’s next chair, and that he is also considering whether to remove Powell. No timeline for an announcement was provided in the information given.