Treasury Secretary Steven Mnuchin praised Fed Chair Jerome Powell in an interview with CNBC: “I think he understands the issue of growth and he's carefully monitoring the growth numbers and the inflation numbers.”

Why it matters: Mnuchin’s comments contrast with those of President Trump, who said last week he was not “thrilled” with Powell and criticized the Fed for raising interest rates.

The full exchange:

Do you think we're already at neutral and would you persuade Chairman Powell not to raise rates anymore? Do you agree with the President in that respect?


"I think as you know, as Treasury Secretary, I respect the independence of the Fed. I meet with Jay Powell on a weekly basis. We talk about a lot of economic issues. It would be inappropriate for me to comment on interest rates in that position. But what I would say is I think Jay [Powell] has been a phenomenal leader at the Fed. I think he understands the issue of growth and he's carefully monitoring the growth numbers and the inflation numbers and we'll see. I, for one, am not at all concerned about the yield curve. I don't think that's a predictor of economic growth. I think it's a market condition. And for now, having a flat yield curve with us issuing long-term debt is something we're perfectly content with."

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9 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
10 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.