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?

Mnuchin:

"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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 33,560,877 — Total deaths: 1,006,564 — Total recoveries: 23,297,593Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 7,190,036 — Total deaths: 205,974— Total recoveries: 2,809,674 — Total tests: 103,155,189Map.
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  4. Politics: 7 former FDA commissioners say Trump is undermining agency's credibility
  5. States: NYC's coronavirus positivity rate spikes to highest since June.
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  7. World: U.K. beats previous record for new coronavirus cases.
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Mike Allen, author of AM
Updated 2 hours ago - Politics & Policy

The first Trump v. Biden presidential debate was a hot mess

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

This debate was like the country: Everybody’s talking. Nobody’s listening. Nothing is learned. It’s a mess.

  • We were told President Trump would be savage. Turned out, that was a gross understatement. Even the moderator, Fox News' Chris Wallace, got bulldozed.

Why it matters: Honestly, who the hell knows?

Pundits react to a chaotic debate: “What a dark event we just witnessed”

The first presidential debate between President Trump and Joe Biden in Cleveland on Tuesday night was a shouting match, punctuated by interruptions and hallmarked by name-calling.

Why it matters: If Trump aimed to make the debate as chaotic as possible with a torrent of disruptions, he succeeded. Pundits struggled to make sense of what they saw, and it's tough to imagine that the American people were able to either.