Fed chief reasserts independence in talks with Trump | The Daily Star
12:00 AM, November 20, 2019 / LAST MODIFIED: 12:00 AM, November 20, 2019

Fed chief reasserts independence in talks with Trump

Federal Reserve Chairman Jerome Powell reasserted the independence of the US central bank during White House talks with President Donald Trump on Monday, the Fed said.

Powell attended the meeting, which comes amid a campaign of public attacks on the central bank, at the invitation of the president, and was joined by Treasury Secretary Steven Mnuchin, the Fed said in a statement.

In a tweet, Trump, who has lambasted Powell in harsh, personal terms over monetary policy, said the meeting was  “good & cordial,” adding that  “everything was discussed” including interest rates, and the Fed’s balance sheet policies.

The Fed, however, said Powell’s comments were consistent with last week’s congressional testimony and did not concern  “expectations for monetary policy,” except to say it will depend entirely on new economic information.

“Finally, Chair Powell said 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.

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