President Donald Trump invited Federal Reserve Chairman Jerome Powell to an unscheduled meeting at the White House Monday, the central bank said in a statement, just days before minutes of its October rate decision are set to be published.
The Fed said Powell's comments during the meeting, which included Treasury Secretary Steve Mnuchin, were "consistent with his remarks at his congressional hearings last week", and added that he didn't discuss expectations for monetary policy, apart from stressing that it would depend "entirely on incoming information that bears on the outlook for the economy."
"Chair Powell said that 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.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.26% lower on the session following release of the Fed statement, and marked at 97.73, while benchmark 10-year Treasury note yields rallied to 1.798%.
The Fed is set to publish minutes of its October 30 policy meeting, during which it cut benchmark interest rates to a range of 1.75% to 2%, on Wednesday afternoon. Trump described the Fed at the time as having "called it wrong from the beginning" and putting the U.S. "at a competitive disadvantage".
"China is not our problem, the Federal Reserve is!", he said at the time.
Last week, during an address to the Economic Club of New York, Trump touted a litany of financial market achievements during his first two years in office, adding they came about "despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election."
"Remember, we are actively competing with nations who openly cut interest rates so that now many are actually getting paid when they pay off their loan - known as negative interest," he incorrectly explained. "Who ever heard of such a thing? Give me some of that. (Laughter.) Give me some of that money. I want some of that money. Our Federal Reserve doesn't let us do it."