Powell tells Trump that Fed will remain nonpolitical at rare meeting

Source: Politico | November 18, 2019 | Victoria Guida

Federal Reserve Chair Jerome Powell met with President Donald Trump on Monday at the White House for only the second time since he took over as Fed chief and underscored the central bank’s political independence, according to the Fed.

The meeting, which also included Treasury Secretary Steven Mnuchin, came as the president has kept up his relentless attacks on Powell and the central bank, calling for interest rates to be cut to zero or below — an extreme stimulus measure.

Trump quickly tweeted a positive readout of the discussion that jibed with the Fed’s description, which said the talk focused on the economy, growth, employment and inflation.

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

The Fed phrased its statement on the gathering to emphasize its political independence.

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