Mnuchin: Fed's Powell May Be Invited Back to White House Again

Happy Birthday Jay Powell: Fed Chief Had Dinner with Trump at the White House

Happy Birthday Jay Powell: Fed Chief Had Dinner with Trump at the White House

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. This one, though, followed repeated public criticism by Trump of Powell over Fed rate increases that culminated with Bloomberg News reporting December 21 that Trump had discussed firing the man he picked to lead the central bank.

The Federal Reserve said the two men discussed recent economic developments and the outlook for growth, employment, and inflation.

Fed vice-chairman Richard Clarida and Treasury Secretary Steven Mnuchin also attended the dinner.

The meeting followed several months of criticism by Trump of Powell, whom he hand-picked more than a year ago for the job.

Trump blames the Fed for curtailing economic growth by raising the benchmark federal funds rate.

But a summons to 1600 Pennsylvania Ave is a staple of life for every Fed chair, no matter how much independence from politics they insist upon or try to convey, with the timing out of their hands and outcomes that can be disastrous but are more typically benign. The White House has not issued a statement about the session.

USA to cut aid to Cameroon
State Department officials indicated that it would be in Cameroon's best interest to conduct these investigations immediately. According to CNN, roughly $17 million in aid bookmarked for security, radar and military vehicles will stay in USA accounts.

As Fed rate increases continued through last year, however, Trump was unabashed in a series of comments from the summer through the end of the year - calling the central bank "crazy", out of touch with markets, and according to reports exploring whether he could remove Powell as chair.

Powell vigorously denied that politics played any role in the Fed's decision-making, saying at a news conference Wednesday: "We're never going to take political considerations into account".

While Trump has tweeted and said publicly that he's displeased with Powell and the central bank, both the White House and Fed said the president has not personally asked Powell to take a certain course of action on interest rates.

Meetings between a president and Fed chief are rare but not unprecedented.

During their first year heading the central bank both former chairs Janet Yellen and Ben Bernanke had met twice with the president at the time. But presidents are not supposed to dictate Fed policy.

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