Fed Chair Powell spoke with Trump as central bank geared up for virus response

Fed Chair Powell spoke with Trump as central bank geared up for virus response

(Reuters) – Federal Reserve Chair Jerome Powell had two previously undisclosed phone calls with U.S. President Trump in February, calendars released on Friday show, including a brief call during the last week of the month when it was becoming clearer that the coronavirus would likely have more than a transitory effect on the U.S. economy.

The two spoke for a half hour on February 7 and again on February 26. Two days later Powell released a statement acknowledging evolving risks from the virus and promising the central bank would act as appropriate to support the economy. It delivered an emergency rate cut on March 3.

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