Apr 10, 2020 - Economy & Business

Exclusive: Americans have not been impressed by the Fed's coronavirus response

Dion Rabouin, author of Markets
Reproduced from CivicScience; Note: ±3% margin of error; Chart: Axios Visuals

Wall Street seems to unanimously approve of the Federal Reserve's actions so far, but most Americans are less enthused, a new poll from data firm CivicScience provided for Axios shows.

The state of play: The data shows that just 12% of respondents say they think the Fed has done "very well" in its response to the coronavirus outbreak, while 19% say the Fed has done "very poorly."

Why it matters: The Fed faced significant criticism for the belief among many Americans that it had bailed out big banks and wealthy financiers while average homeowners suffered after the 2008 global financial crisis. The central bank's reputation suffered greatly as a result.

What to watch: Jerome Powell has been very aware of this during his time as Fed chair, and particularly as the Fed has rolled out these sweeping new measures, Mellon's Reinhart says.

  • "What’s striking in all the policies is they’re careful to strike a populist tone, constantly reminding us of their Main Street lending program."
  • "They are concerned about their political legitimacy and working that better than they did in 08-09. They learned from that experience."

Go deeper: The Fed goes to war with coronavirus

Go deeper

Updates: George Floyd protests continue past curfews

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day — prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Protesters were still out en masse even as curfews set in Washington, D.C., and New York City. Rep. Alexandria Ocasio-Cortez (D-N.Y.) slammed the New York Police Department late Tuesday following reports of police kettling in protesters on Manhattan Bridge.

Primary elections test impact of protests, coronavirus on voting

Election official at a polling place at McKinley Technology High School in Washington, D.C. Photo: Drew Angerer/Getty Images

In the midst of a global pandemic and national protests over the death of George Floyd, eight states and the District of Columbia held primary elections on Tuesday.

Why it matters: Joe Biden, the presumptive Democratic nominee, needs to win 425 of the 479 delegates up for grabs in order to officially clinch the nomination. There are a number of key down-ballot races throughout the country as well, including a primary in Iowa that could determine the fate of Rep. Steve King (R-Iowa).

Iowa Rep. Steve King defeated in GOP primary

Rep. Steve King. Photo: Alex Wroblewski/Getty Images

State Sen. Randy Feenstra defeated incumbent Rep. Steve King in Tuesday's Republican primary for Iowa's 4th congressional district, according to the Cook Political Report.

Why it matters: King's history of racist remarks has made him one of the most controversial politicians in the country and a pariah within the Republican Party.