The first meeting between President Donald Trump and Federal Reserve Chairman Jerome Powell reportedly took place on Thursday with the agenda to discuss interest rate issues for the US economy.
The extraordinary meeting at the White House was confirmed by both parties, and became another episode in Trump's campaign to force the Fed to loosen monetary policy.
White House spokeswoman Karoline Leavitt said Trump had personally rebuked Powell's "mistake" for maintaining high rates that had put the US in a weak position, especially when compared to US rival China, and that his actions were too slow and could slow US economic growth.
But Powell remained firm.
In a statement, the Fed stressed that he was not discussing future monetary policy expectations, instead emphasizing that any decisions would be made based on "current economic information" and made "carefully, objectively and without political bias" — a subtle reminder of the Fed's independence.
“This meeting is taking place solely at the invitation of the President.”
With political pressure mounting and inflation still unabated, the clash between the two largest economic powers in the Americas is expected to continue to shape the direction of the world economy and markets are preparing for the next wave.
