Federal Reserve Chairman Jerome Powell stressed that he would make decisions on monetary policy “based solely on careful, objective and non-political analysis” in a meeting Monday morning with President Trump, who has badgered Powell for looser money.
Along with Treasury Secretary Steven Mnuchin, Powell, and Trump discussed the economy broadly, as well as growth, inflation, and employment metrics, according to the central bank.
The Fed said in a statement that Powell “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.” He highlighted several times that Fed monetary policy is not influenced by political considerations.
Trump has been highly critical of Powell’s tenure, calling Powell and the Fed “boneheads” and naive for not lowering interest rates, which Trump wants, because he thinks it will generate 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.
— Donald J. Trump (@realDonaldTrump) November 18, 2019
But Trump tweeted Monday that the meeting was “good & cordial.”
Earlier this year, Trump went so far as to call Powell “an enemy” and compared him to Chinese President Xi Jinping. “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” Trump said in a tweet in August.