US economy

Trump holds meeting with Federal Reserve’s Powell


Federal Reserve chair Jay Powell met with Donald Trump and Treasury secretary Steven Mnuchin to discuss the US central bank’s independence, amid recurring criticism from the president targeting monetary policy.

During the sit-down on Monday, Mr Powell said he and other members of the Fed’s policy-setting 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,” according to a statement from the central bank.

Mr Trump said the meeting at the White House was “very good” and cordial”, adding that a variety of topics including negative interest rates were part of the talks.

The meeting, held at the president’s invitation, also covered the economy, growth, employment and inflation, the Fed said.

“Chair Powell’s comments were consistent with his remarks at his congressional hearings last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming information that bears on the outlook for the economy,” the Fed’s statement read.

Mr Trump has been a frequent critic of Mr Powell and the central bank, arguing policymakers were too quick to raise rates last year, and too slow to cut them this year, impeding economic growth.

“Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve. Everything was discussed including interest rates, negative interest, low inflation, easing, Dollar strength & its effect on manufacturing, trade with China, E.U. & others, etc,” Mr Trump said in a tweet following Monday’s meeting.





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