POWELL SHUNS TRUMP’S WHINING, SAYS GOV’T MUST HELP JOBLESS

Fed Chairman Jerome Powell is prodding Congress to ramp up relief spending and said the three key areas it must focus on are funding for states, continued unemployment benefits and eradication of the COVID-19 pandemic, among other public health measures.

Joseph Zerballos-Roig wrote for Business Insider late on June 21, 2020 that Powell has endured a hefty amount of ridicule from President Donald Trump, who once labeled him "an enemy of the state." The president recently blasted the Fed as being "wrong so often."

But that hasn't derailed Powell from launching programs aimed at pumping massive amounts of cash into the economy and keep the recession from worsening. The Fed traditionally doesn't directly advocate for specific fiscal policy initiatives as it's supposed to be apolitical and keep out of partisan political battles. Yet Powell is nudging lawmakers to recognize the dangers of inaction as the economy starts recovering, given a projected unemployment rate of nearly 10% at the end of the year.

"It would be wise to look at ways to continue to support people who are out of work and also smaller businesses that may not have vast resources for a period of time … so that we can get through this critical phase," he said. "That support would be well placed at this time."