Fed Chair Powell told Trump in Thursday meeting that rate decisions would be based on ‘non-political’ analysis

[Pelican Press 0]

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Fed Chair Powell told Trump in Thursday meeting that rate decisions would be based on ‘non-political’ analysis

President Donald Trump met Thursday with Federal Reserve Chair Jerome Powell amid the president badgering the central bank for lower interest rates.

The central bank confirmed in a release that the meeting occurred, stressing that the future path of monetary policy was not discussed.

“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

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.”

Moreover, the release indicated that Powell and his Fed colleagues remain committed to setting monetary policy on “careful, objective, and non-political analysis.”

The White House did not immediately respond to a CNBC request for comment.

The meeting comes at a sensitive time for the U.S. economy, with Trump pushing potentially inflationary trade policy and the Fed trying to balance its mandate to provide full employment and stable prices.

Using his Truth Social media outlet, Trump repeatedly has called for the Powell-led Federal Open Market Committee to lower interest rates. The FOMC hasn’t eased since December, just before Trump took office for his second nonconsecutive term.

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