said the Fed's actions were not quantitative easing, but some dubbed them as being QE4. Where Bernanke-era quantitative was conducted through outright purchases of assets, Powell's expansion operates through overnight repurchase agreements (repos) where the seller has the option to reverse the transaction. The Fed's primary dealers and other banks use the repo facilities to sell Treasury and agency securities in exchange for credit to supplement their cash on hand. COVID-19 recession response In early 2020, Powell launched an unprecedented series of actions to counter the financial market impact of the COVID-19 pandemic, which included a dramatic expansion of the Fed's balance sheet and introduction of new tools, including the direct purchase of corporate bonds, and direct lending programs. Powell emphasized monetary policy alone without an equivalent fiscal policy response from Congress would widen income inequality. Powell's actions earned him bi-partisan praise, including from Trump, who told Fox News that he was "very happy with his performance" and that "over the last period of six months, he's really stepped up to the plate". On November 19, 2020, after disagreeing with Treasury Secretary Steve Mnuchin, Powell agreed to return unused crisis funds to the United States Treasury. Both he and Mnuchin then urged Congress to approve more stimulus. Asset price inflation To mitigate the financial market impact of the COVID-19 pandemic, Powell accepted asset price inflation as a consequence of Fed policy actions. Powell was criticized for using high levels of direct and indirect quantitative easing as valuations hit levels last seen at the peaks of previous bubbles. The Fed's acceptance of asset price inflation from 2019 onwards resulted in levels of wealth inequality not seen in the United States since the 1920s. Fed asset purchases were also seen as contributing to the K-shaped recovery that emerged during the coronavirus pandemic, where the asset bubbles protected the wealthier segments of society from the financial effects of the pandemic, at the expense of most other segments, and particularly on the younger non-asset owning segments such as millennials. In January 2021, Edward Luce of the Financial Times warned that the Fed's use of asset purchases, and the resultant widening of wealth inequality, could lead to political and social instability in the United States, saying: "The majority of people are suffering amid a Great Gatsby-style boom at the top". Powell's expansion of credit through repo contracts, seen as a new "Greenspan put," created large