President Trump offered words of approval to Federal Reserve Chairman Jerome Powell Monday after the central bank announced extraordinary measures to protect the economy, reversing months of criticism.
“I am happy with him,” Trump said at a White House press briefing on the coronavirus pandemic. “I really think he’s caught up.”
Trump said that he called Powell Monday. “I said, ‘Jerome, good job,'” he said.
Direct praise from a president for a monetary policy decision would be outside of the norms set by recent past presidents. But Trump has never hesitated to break those norms and criticize and lobby Powell, whom he appointed as the top central banker. Trump has frequently said that Powell should pursue lower interest rates and easier money to support the economy.
Early Monday morning, the Fed committed to unlimited bond purchases as necessary to counteract the effects of the pandemic on the financial system and money supply.
“He’s not finished. He’s got other arrows in the quiver. … He’s got plenty of arrows,” Trump said Monday evening.
“I’m very happy with the job he did,” he said.
As recently as last week, Trump said that he was displeased with Powell’s performance and raised the prospect of removing him as chairman of the Fed.
