Jerome Powell met with Donald Trump today for only the second time since he took over as Fed chief and underscored the central bank's political independence
of the discussion that jibed with the Fed’s description, which said the talk focused on the economy, growth, employment and inflation.“Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve,” Trump said. “Everything was discussed including interest rates, negative interest, low inflation, easing, Dollar strength & its effect on manufacturing, trade with China, E.U. & others, etc.
“Finally, Chair Powell said that he and his colleagues on the Federal Open Market 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,” it added. Fed officials including Powell, who Trump appointed as chairman, have indicated that the central bank won’t be taking further policy action for the time being, after cutting interest rates three times to support the U.S. economy in the face of trade tensions and slowing global growth.
Trump and Powell last met in February at a dinner that also included Mnuchin and Fed Vice Chair Richard Clarida. The vice chair, also a Trump appointee and a close Powell ally, did not attend this time.
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