Trump and Powell: A Fractious Face-off at the White House
U.S. President Donald Trump met Federal Reserve Chair Jerome Powell at the White House to urge a cut in interest rates, soon after expressing discontent with Powell's monetary policies. This meeting highlighted ongoing tensions and financial market uncertainties surrounding potential political interference in Fed decisions.
In a pivotal meeting at the White House, President Donald Trump confronted Federal Reserve Chair Jerome Powell over interest rate policies, urging the Chair to lower rates. Trump's dissatisfaction with Powell's decisions has been a recurring theme, reflecting a strained relationship since Powell's appointment.
Confirming the meeting, both the White House and Federal Reserve released statements. Powell reiterated that monetary policy decisions would be made based on economic data and objectives like stable prices and maximum employment, emphasizing a non-political approach.
Amidst Trump's call for rate cuts to remain competitive globally, especially with China, financial markets have been volatile, apprehensive of political influences on the Fed. A Supreme Court decision has since alleviated fears, indicating the central bank's chair might be protected from political dismissal.
(With inputs from agencies.)
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