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Encouraged chair Jerome Powell and US president Donald Trump met to talk about economy



The dinner, which included Treasury Secretary Steven Mnuchin and Vice chair Richard Clarida, follows a Fed meeting last week at which the central bank said, in fact, that further rate hikes were on hold for now - a step Powell and others said was based on recent economic developments, not the president's public tirades against the Fed.

U.S. President Donald Trump and Fed Chairman Jerome Powell feasted at the White House in their first gathering after months in which Trump thrashed the central bank for raising financing costs and, in the president's view, endangering the economy's growth.

The dinner, which included Treasury Secretary Steven Mnuchin and Vice chair Richard Clarida, follows a Fed meeting last week at which the central bank said, in fact, that further rate hikes were on hold for now - a step Powell and others said was based on recent economic developments, not the president's public tirades against the Fed.

The 90 minutes fancy meal, a conceivable opportunity for the two men to reset their relationship, secured an assortment a variety of economic topics, the Fed said in a statement, but did not delve into expectations of future monetary policy decisions.

Powell's statements to the president, the Fed said, were all consistent with remarks made at a press conference after the Fed's meeting last week.

The dinner was held at the President's invitation?to discuss recent economic developments and the outlook for growth, employment and inflation.

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 statement said. Chair Powell said that he and his colleagues?will make those decisions based solely on careful, objective and non-political analysis.

Bolstered seats routinely meet with the Treasury secretary, yet sessions with the president are less successive: Monday's supper is the primary session among Trump and Powell since the Fed seat assumed control over a year back.

Late presidents have to a great extent avoided specifically scrutinizing the Fed. While the national bank's authority over loan costs can cause migraines for chose authorities, the capacity of the central bank to settle on choices free of direct political impact is viewed as a key part of its effectiveness and credibility with households and global investors.

As Fed rate increments proceeded through a year ago, in any case, Trump was brazen in a progression of remarks from the mid year through the year's end - calling the central bank crazy, out of touch with markets, and according to reports exploring whether he could remove Powell as chair.

The White House did not respond immediately to a request for comment about the session.

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