Fed chair Powell meets with Trump at White House
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Fed chair Jerome Powell. Photo: Anna Moneymaker/Getty Images
Federal Reserve chair Jerome Powell met with President Trump Thursday, a statement from the central bank said, amid the president's calls for lower interest rates.
Why it matters: Trump has attacked Powell for not moving faster to lower interest rates, and at times suggested he may attempt to fire the Fed chief.
- This was the first meeting between the two since Trump returned to the White House in January.
Driving the news: "At the President's invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment, and inflation," the Fed statement said.
- "Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
- "Finally, Chair Powell said that he and his colleagues on the [Fed's policy committee] will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis."
Flashback: Trump has assailed the Powell Fed for failing to cut interest rates in recent weeks, though he has backed off the threat of firing Powell.
- A Supreme Court ruling last week suggested it will continue to find the Fed's legally enshrined independence constitutional.
Of note: Earlier this month, Powell indicated he would not seek a meeting with Trump, unless the president sought one.
- "I've never asked for a meeting with any President, and I never will," Powell said in a news conference. "I wouldn't do that. There's never a reason for me to ask for a meeting. It's always been the other way."
