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Data: Axios/Ipsos survey; Chart: Danielle Alberti/Axios

Trust in the Federal Reserve fell again, despite — or, perhaps, because of — the stock market's continued surge upward, according to data from the latest Axios-Ipsos Coronavirus Index.

By the numbers: Trust in the Fed is sinking across the political spectrum — a strong majority (62%) of Americans say they have little or no trust in the central bank, up from just over half (51%) in May.

  • Even with President Trump's handpicked chairman at the helm, trust in the Fed has declined among Republicans by six percentage points since the last survey in mid-July.
  • Trust among Democrats actually increased to 40% from 37% from July.
  • Independents have been the most critical of the Fed, with trust sinking from 48% in May to 39% in July to 30% in August.

What to watch: Protests against the Fed have sprung up recently as more of the public begins to question the growing divergence between the U.S. economy and U.S. stock prices.

  • Rising public antipathy could be a major problem as the Fed's power "is contingent on securing as well as maintaining broad political and public support," Mark Spindel and Sarah Binder wrote in their 2017 book "The Myth of Independence: How Congress Governs the Federal Reserve."

Zoom in: Distrust of the Fed defies age, race, gender, region, work status and even education level, as a majority of respondents across the board say they have "not very much" or "none at all" trust in the central bank.

  • The percentage of respondents who say they trust the Fed "a great deal" fell to 4%, compared to 21% who say they do not trust the Fed at all.

Methodology: This survey of 1,100 adults has a margin of error of ± 3.3 percentage points at the 95% confidence level.

Go deeper

Biden to nominate Janet Yellen as Treasury secretary

Photo: Photo by Alex Wong/Getty Images

President-elect Joe Biden is preparing to nominate former Fed Chair Janet Yellen as his Treasury Secretary, four people familiar with the matter tell Axios.

Why it matters: Yellen, 74, will bring instant economic celebrity to Biden’s team and, if confirmed, she will not only be the first female Treasury Secretary but also the first person to have held all three economic power positions in the federal government: the chair of Council of Economic Advisers, the chair of Federal Reserve and the Treasury Secretary.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.