Federal Reserve Chairman Jerome Powell announced Thursday that he met with President Donald Trump at his request, during which he defended the decisions taken without political considerations.
A statement from Powell said that Trump summoned him to the White House on Thursday, and they discussed economic developments, including growth, employment, and inflation.
Powell explained that he gave the president a detailed explanation of his "forecast for monetary policy, solely to emphasize that its course depends solely on incoming economic data and their implications" for the future.
He noted that it was emphasized that the Fed chairman and his staff "will set monetary policy, as required by law," with the goal of eliminating unemployment and achieving price stability, "and they will do so based solely on careful, objective, and apolitical analysis."
This came after a senior Federal Reserve official revealed Thursday that the agency could cut interest rates if the president's tariffs were lifted.
For months, Trump has criticized the Federal Reserve, particularly Powell, for keeping interest rates at levels he considers too high.
Earlier, Trump imposed 10% tariffs on most countries and imposed higher tariffs on dozens of trading partners, but temporarily suspended them a few days later to allow for trade talks.
The U.S. Court of International Trade ruled Wednesday that Trump had exceeded his authority by imposing these sweeping tariffs and blocked their implementation, a decision the White House vowed to appeal.
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