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Highlights
- Fed Chair Jerome Powell met with Donald Trump at the president's request.
- This is the first meeting since Trump began his second term.
- Powell and Trump discussed economic developments including growth, employment, and inflation.
- The Fed Chair didn't discuss monetary policy expectations.
Amid the Trump tariffs and calls for rate cuts, Federal Reserve Chair Jerome Powell has met with US President Donald Trump for the first time in the president’s second term. Trump has heavily criticized Powell these past few weeks, while urging the Fed Chair to cut interest rates.
Jerome Powell Meets With Donald Trump
According to a Federal Reserve statement, the Fed Chair met with Trump today at the White House at the president’s invitation. The duo discussed economic developments, including growth, employment, and inflation.
The statement noted that Jerome Powell didn’t discuss his expectations for monetary policy, except for emphasizing that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
Meanwhile, the Fed Chair also mentioned that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices. They also intend to make these decisions based solely on “careful, objective, and non-political” analysis.
This meeting comes just a day after the release of the Fed meeting minutes, which showed that Powell and the FOMC are choosing a cautious approach amid the uncertainty caused by the Trump tariffs. The Fed is careful as it believes that the tariffs could lead to higher inflation.
As CoinGape also reported, Chicago Federal Reserve President Austan Goolsbee believes Fed rate cuts could come if the Trump tariffs end through a trade deal or otherwise.
In a White House briefing, Press Secretary Karoline Leavitt confirmed that Trump met with the Fed Chair. She stated that the president told Powell that it is a mistake not to lower interest rates. The president has, for a while now, strongly criticized Powell and urged him to cut rates on several occasions. He argues that inflation is down and that there is no reason for “too late” Powell to keep rates steady.
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