Monday, President Trump summoned Fed Chairman Jerome Powell to the White House for dinner to discuss recent economic developments and the overall outlook.
The Fed is being tight lipped about the ongoing monetary policy discussions with President Trump.
Chairman Powell’s comments were “consistent with his remarks at his press conference of last week,” the Fed said in a statement.
“He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.” The bolding is mine.
Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin also dined with the President and Mr. Powell, which took place in the White House residence at President Trump’s invitation.
Mr. Powell told the President that monetary policy was aimed at supporting the Fed’s mandate of maximum employment and stable prices and that decisions were “based solely on careful, objective and non-political analysis,” according to the Fed’s statement.
The gathering follows several months of almost unprecedented public criticism by President Trump of Chairman Powell.
Beginning in July, President Trump complained that Mr. Powell and his colleagues were raising rates too quickly and threatening the US economic expansion, which actually happened.
President Trump’s ire peaked in December after the Fed raised rates for a 4th time in 2018. At which time President Trump had considered sacking Mr. Powell.
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