Once a harsh and frequent critic of Federal Reserve Chairman Jerome Powell, President Trump has come full circle giving him hard-won accolades and it took his handling of the coronavirus pandemic to win Trump's respect.
Continue Reading Below
“I would say that I was not happy with him at the beginning and I am getting more and more happy with him. I think he stepped up to the plate. He’s done a good job" said Trump during an exclusive interview with FOX Business' Blake Burman.
"He’s had to liquefy a little bit -- let us liquefy -- the economy – put out the money that you needed, and I would say over the last period of six months he’s really stepped up to the plate" Trump stated.
Powell, faced with an unprecedented shutdown of the American economy amid the fast-moving coronavirus and a massive selloff in financial markets that drove U.S. stocks to annual lows in March, the Fed head guided policymakers in cutting interest rates to near zero. Additionally, policymakers instituted other measures to shore up liquidity for financial markets and main street lending.
On Wednesday, in the release of the June meeting minutes, the Fed indicated interest rates will stay at current levels for the foreseeable future.
While the economy remains in a slow recovery mode, U.S. financial markets, which are considered forward-looking, turned in the best quarter through June in over two decades.
On the first day of the second half of the year, the Nasdaq posted its 22nd record close of 2020.
Trump also reiterated that the U.S. economy will see a swift or V-shaped recovery over the next few months helped by a Phase 4 stimulus plan that may have Americans receiving even bigger payouts than the $1,200.