Federal Reserve Chairman Jerome Powell met President Donald Trump at the White House for dinner Monday to discuss recent economic developments and the outlook, but the central bank said the Fed chief did not share his expectations for monetary policy.
Powell’s comments were “consistent with his remarks at his press conference of last week,” the Fed said in a statement. “He 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.”
Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin also attended the gathering, which took place in the White House residence at Trump’s invitation, the Fed said.
Powell told the president that monetary policy was aimed at supporting the Fed’s mandate of maximum employment and stable prices and that decisions were “based solely on careful, objective and non-political analysis,” according to the Fed.
The meeting follows several months of almost unprecedented public criticism by the president of the man he selected to run the central bank. Beginning in July, Trump complained that Powell and his colleagues were raising rates too quickly and threatening the U.S. economic expansion.
Trump’s ire peaked in December after the Fed raised rates for a fourth time in 2018. Bloomberg News reported Dec. 21 that Trump had discussed firing Powell.
© 2021 Thomson/Reuters. All rights reserved.