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Fed Chairman Powell met with Trump for an ‘informal dinner’ to talk about the economy

Federal Reserve Chairman Jerome Powell sat down with President Donald Trump on Monday.

That denoted their first meeting since the president selected Powell to the post and follows months of strong criticism from Trump about his chosen one and the Fed.

The central bank said in an announcement it was a “informal dinner” in the White House residence “to discuss recent economic developments and the outlook for growth, employment and inflation.”

The dinner lasted about 90 minutes and was attended by Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin. Steak was served.

Most presidents meet in any event once and here and there more frequently with the Fed chair. Yet, given the president’s past criticism, it had been unclear if and when Powell and Trump would meet. The president had broadened the invitation on Friday.

A senior administration official affirmed the meeting and said it was “two on a side.”

“No pitchforks. It was much more casual than an Oval Office meeting,” the official said. “They had a very good exchange of views.”

The announcement from the Fed said Powell’s remarks to Trump “were consistent with his remarks at his press conference of last week.” Powell was said not to have examined financial policy expectations “except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.”

Trump has been highly critical of the Fed for raising interest rates, including calling the Fed “out of control” in October. At its January meeting, the Fed shifted policy toward a more neutral stance far from rate hikes — in any event for now.

The president — who said in November that he was not even a little bit happy” about his determination of Powell — has not remarked on Fed policy since the shift.

Here’s the announcement from the Fed about the meeting:

Proclamation on Chair Powell’s and Vice Chair Clarida’s meeting with the President and Treasury Secretary

At the President’s invitation, Chair Powell and Vice Chair Clarida joined the President and the Treasury Secretary for an informal dinner today around evening time in the White House residence, to talk about recent economic improvements and the viewpoint for growth, employment and inflation.

Chair Powell’s remarks in this setting were consistent with his comments at his press conference of a week ago. He didn’t talk about his desires for money related policy, but to pressure that the way of policy will depend totally on incoming economic data and what that implies for the outlook.

At long last, Chair Powell said that he and his partners on the FOMC will set monetary policy so as to help greatest employment and stable costs and will settle on those choices dependent on careful, objective and non-political analysis.

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