Illustration: Lazaro Gamio/Axios

Jerome Powell is a new kind of Fed chairman for a new time in American history. As President Trump has bulldozed norms of presidential behavior, Powell has gone about changing the nature of the Fed's relationship with Wall Street, Congress and Main Street.

What it means: Powell has clearly set his sights on changing the public's perception of the Fed from a faceless private bank that upholds the interests of corporate America to a source of economic growth that supports job creation.

His strategy is threefold:

What they’re saying:

  • "Powell has figured out that it's in the long-term interest of the Federal Reserve to be better understood by ... the American electorate," Steven Skancke, chief economic adviser at investment firm Keel Point and a former White House and Treasury Department official, tells Axios.
  • "Is that political? Yeah, that's political. Is he being partisan? I don't think so. But it's a political point of view when he says, 'We need to be sensitive to how we are viewed by the constituencies of America,'" he added.

The intrigue: Powell is also facing unprecedented pressure from the president, who looks to have lined the Fed up to take the blame if the economy turns south, as he did when the stock market sold off in December.

Investors, too, were leery of the new Fed chief when he was raising rates last year and looked poised to hike the U.S. into a recession, as many market participants believe has been the central bank's wont in the past. But as he's backed off of plans for further hikes, and paring down the central bank's now-less-than $4 trillion balance sheet, a consensus has grown on trading desks that the chairman has done the right thing.

  • Powell "made a mistake in December. And we see what happened," Skancke said. "Why would we otherwise expect the chairman of the Federal Reserve on '60 Minutes' trying to explain himself?"

Go deeper: Powell on the unequal nature of the economic recovery

Go deeper

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.