President Trump invited Fed Chair Jerome Powell to the White House for a meeting, said the Federal Reserve in a statement released on Thursday. The topics included growth, unemployment, and inflation, although no specific details were released.
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“Chair Powell 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,” said the Fed.
Powell and FOMC to Set Monetary Policy Objectively
The Fed added that Powell and the members of the Federal Open Market Committee (FOMC) will enact monetary policy, which includes adjusting interest rates, objectively using economic data and not based on politics. Trump has previously pressured the Fed to cut rates, which the Fed has turned down given the risk of inflation and economic uncertainty making a return from tariffs. Furthermore, the Fed will continue to make its decisions in order to support maximum employment and stable prices.
The statement echoes comments made by Fed Bank of Chicago President Austan Goolsbee today. Goolsbee warned that inflation could return “If politics controls the interest rate.”
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