Fed Chairman Powell and President Trump met Monday to discuss economy -Fed

Trump dines with Federal Reserve chair Powell a frequent target

When asked whether the Fed has caved to the president's demand to stop raising rates, Powell said last week that monetary policy makers are "never going to take political considerations into account".

There were no "pre-set parameters" ahead of the dinner, and Powell was brought into the White House in "somewhat of a covert operation" to avoid creating speculation, Mnuchin said.

Powell "did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook", the Fed said in a statement issued after the dinner. "Chair Powell said that he and his colleagues.will make those decisions based exclusively on careful, objective and non-political analysis". "Relative to trying to sack the guy, sitting down to dinner is a non-story".

Federal Reserve Chairman Jerome Powell said the word "patient" in some form eight times last week, but the tone of his speech is not far different from prior Fed bosses, according to CNBC's Michael Santoli.

During the last three months of 2018, Trump was sharply critical of the Fed's move to higher interest rates, arguing that there was no need for higher rates because inflation was tame.

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It is rare for a president to meet with the Fed leader, although not unprecedented.

Former Fed Chair Janet Yellen said in December 2015 that the institution will "proceed cautiously in adjusting policy", while Alan Greenspan said in 1995 that a complex business cycle is underway "whose outcome is yet to be determined", Santoli said. Monday night's meeting with Trump was Powell's first since taking over as chair a year ago.

It's also possible that when it comes to interest rate hikes, the president doesn't have anything to worry about in the year ahead. They have been known to whine about the outcome - President George Bush blamed his 1992 election loss on the Fed - but have steered clear of overt Fed-bashing.

That is, until Trump, who has variously called the Fed "crazy", "out of control", and "my biggest threat".

The urge to fire Powell has apparently dissipated, with administration officials assuring markets and the public that the Fed chair's job was secure.

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