President Trump dined Monday night with Federal Reserve Chairman Jerome Powell, whom he has harshly criticized in recent months for raising interest rates.
The Fed said in a statement that the two had an “informal dinner” at the White House, at which they discussed the economy.
During the meal, according to the Fed, Powell reaffirmed that he will not take Trump’s criticisms into consideration when conducting monetary policy and instead “will make those decisions based solely on careful, objective and non-political analysis.”
The two were joined by Treasury Secretary Steven Mnuchin and Fed Vice Chairman Richard Clarida.
Trump repeatedly and caustically attacked Powell for raising the Fed’s interest rate target over the course of 2018, arguing that, by tightening monetary policy, the Fed was slowing economic growth and undercutting his efforts to renegotiate trade deals.
Powell justified the rate hike on the basis that they were needed to keep inflation in check and the economy on an even course.
Recent past presidents have refrained from commenting on the Fed’s affairs to give the independent central bank scope to set monetary policy without taking politics into account.
Trump appointed Powell to lead the Fed in early 2018.
