Jerome Powell, the chair of the Federal Reserve, which decides U.S. currency policy, emphasized on the 29th (local time) during a meeting with President Donald Trump at the White House in Washington, D.C., that political factors do not influence interest rate decisions.
The Federal Reserve stated in a press release that "Chair Powell discussed the economy, including growth, employment, and inflation, during the meeting with President Trump." The meeting took place at the invitation of President Trump, the Federal Reserve noted.
The Federal Reserve said, "Powell did not mention his outlook on currency policy, emphasizing only that the trajectory of currency policy will be determined solely by the economic indicators that come in going forward."
"In setting currency policy to achieve the goals of maximum employment and price stability," he added, "this decision will be made based solely on careful, objective, and non-political analysis."
White House Spokesperson Caroline Levitt said on the same day, "The content of the Fed's announcement is accurate, but the president said that he believes 'it would be a mistake for the Fed chair not to lower interest rates.'"
The meeting between the two was the first since Trump took office in January. During this time, President Trump has pressured Chair Powell, stating he would "fire him" and has continuously called for interest rate cuts.