Why it matters: If Trump wins re-election, it will largely be because Americans see him as the force rallying a still-strong U.S. economy, a narrative girded by skyrocketing stock prices and consistently climbing U.S. home values — but the man behind booming U.S. asset prices is really Federal Reserve chair Jerome Powell.

Reality check: It is Powell, not Trump, that Wall Street credits for the stock market’s return to all-time highs, even in the face of the worst economic collapse in U.S. history last quarter.

That’s got many voters feeling the “wealth effect” — a greater belief in economic strength and confidence when the value of homes and investment portfolios rise — despite the fact that only half of Americans own stocks and more than 80% of equities are held by the top 10% of households.