Oct 24, 2018

Trump again says he's "very unhappy with the Fed"

Federal Reserve Board Chairman Jerome Powell. Photo: Mark Wilson/Getty Images

President Trump repeated his attack on Federal Reserve Chairman Jerome Powell for raising interest rates in an interview with The Wall Street Journal on Tuesday.

“I'm just saying this: I'm very unhappy with the Fed because Obama had zero interest rates ... Every time we do something great, he raises the interest rates."
— President Trump to The Wall Street Journal

Why it matters: Trump has put the Fed in a box — no matter what the central bank does, it will appear as though they aren’t independent. If they don’t raise rates, it will appear as if they've been influenced by the president. If they do hike, it will look like they are doing so simply for the appearance of independence.

Go deeper

Sanders: "While this campaign is coming to an end, our movement is not"

Addressing his supporters via livestream after suspending his campaign, Bernie Sanders congratulated Joe Biden on his presumptive victory in the 2020 Democratic presidential primary while making clear that his fight for progressive ideas will not end with his candidacy.

What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.