Trump meets Powell at White House to discuss economy
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The news: Federal Reserve Chair Jerome Powell met with US President Donald Trump at the White House to discuss economic developments including for growth, employment and inflation, the Fed said in a statement.
The meeting was at Trump’s invitation, it said.
What they 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,” the statement said.
“Chair Powell said that he and his colleagues on the FOMC 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.
The context: Trump, who has repeatedly criticised Powell over the Fed’s decision not to lower interest rates and has suggested he could fire him, in late April said he had “no intention of firing [Powell].”
The meeting followed a court ruling that blocked most of Trump’s tariffs. Powell and Fed officials have stressed they expect the administration’s tariffs to weigh on economic growth and put upward pressure on inflation.
The source: Federal Reserve statement
