- President Donald Trump and Treasury Secretary Steven Mnuchin held a meeting Monday morning with Federal Reserve Chairman Jay Powell.
- Powell has been a near-constant target of pressure by the administration.
- Ahead of the 2020 elections, the Trump administration has increasingly called on the independent central bank to take aggressive steps to juice the economy.
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President Donald Trump and Treasury Secretary Steven Mnuchin held a meeting Monday morning with Federal Reserve Chairman Jay Powell, who has been a near-constant target of pressure by the administration.
The Fed said in a statement that the three discussed the economy, growth, employment, and inflation at the White House meeting, but stressed its commitment to independence from political influence.
“Chair Powell said that he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis,” the statement said.
As the president campaigns for re-election in 2020, he has increasingly called for aggressive steps to juice the economy and sought to place political allies at the top of the central bank. Last week, Powell said that growth was in a solid place and signalled that policymakers did not see the need for a fourth interest-rate cut this year.
The Monday meeting had not been listed on Trump’s public schedule. Shortly after the central bank readout was issued, the president said on Twitter that he had a “very good & cordial” discussion with Powell.
“Everything was discused including interest rates, negative interest, low inflation, easing, Dollar strength & its effect on manufacturing, trade with China, E.U. & others, etc,” Trump wrote on Twitter.
Trump frequently issues verbal attacks against Powell, recently calling him an “enemy” of the U.S. In early 2019, the White House looked into whether it could demote the handpicked Fed chief.
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