Fed's coronavirus action makes Trump 'very happy' with Powell
Trump praises Powell amid coronavirus actions, 'Jerome good job" he said during a call in a rare praise for the Fed head
In a rare move, President Trump praised Federal Reserve Chairman Jerome Powell for his recent action with policymakers to combat the coronavirus using a variety of tools aimed to shore up lending, liquidity and ultimately the U.S. economy.
"I really think he's caught up and he's done the right thing," said Trump during his Monday evening press briefing. "Ultimately, we will be rewarded because of the decision he made...he's really stepped up over the last week" he added.
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Trump also noted he called Powell to express his pleasure saying that he is "proud of him."
Since taking office, Trump has hammered Powell and the Fed publicly and on Twitter for keeping interest rates too high.
"He was a little slower than I would have liked, in the sense of what he was doing" Trump reflected.
Since the coronavirus crippled the U.S. economy, the Federal Reserve has sprung into action.
It's unlocked a number of tools in recent days to inject liquidity into the economy, including two emergency rate cuts.
Additionally, the U.S. central bank announced plans to buy assets “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy."
The Fed also said it will purchase agency commercial mortgage-backed securities (MBS) as part of an expansion of its asset purchases, known as "quantitative easing." The move represents an essentially open-ended commitment to the QE program.
BANKS ARE SAFE: FED'S NEEL KASHKARI
All of the moves are aimed at flooding the system with liquidity to avoid any cash crunch. Minneapolis Fed President Neel Kashkari told CBS' "60 Minutes" as much on Sunday night, explaining the Fed is the "lender of last resort" in assurance to the American public.
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Powell has more tools in his toolbox, Trump hinted.
"He's not finished, he has other arrows in the quiver."
Despite the extraordinary moves by the Fed in recent days, U.S. stocks are headed for the worst month since the 1930s.
The Dow is on pace for the worst month since September 1931, down over 27 percent, for the S&P 500 it's the worst since 1938, off 25 percent as tracked by Dow Jones Market Data Group.
FOX Business' Megan Henney contributed to this report.