Powell on meeting with Trump: 'I've never asked for a meeting with any president, and I never will'

Wed, May 7, 2025, 1:19 PM 3 min read

Federal Reserve Chairman Jerome Powell connected Wednesday pushed backmost connected governmental unit from the White House, telling reporters that President Trump "doesn't impact our doing our occupation astatine all" and that "I've ne'er asked for a gathering with immoderate president, and I ne'er will."

The cardinal slope seat and his colleagues besides made it wide with their words and actions that they are not yet aligned with Trump's calls for little rates up of immoderate economical slowdown.

Fed policymakers voted unanimously to support the Fed's benchmark involvement complaint successful the scope of 4.25% to 4.5%, a people reached astatine the extremity of 2024 aft cutting rates by a afloat percent constituent past fall.

Read more: How the Fed complaint determination affects your slope accounts, loans, recognition cards, and investments

The Fed, Powell said, does not "need to beryllium successful a hurry" arsenic it evaluates however Trump's tariffs volition impact employment and ostentation and whether talks with America's largest trading partners alteration the economical outlook.

"I don’t deliberation we tin accidental which mode this volition shingle out," he told reporters during a property league that followed the Fed's complaint decision.

Nevertheless, Powell made it wide helium is acrophobic astir the effect Trump's tariffs could have: "My gut tells maine that uncertainty for the way of the system is highly elevated."

Wednesday's determination to clasp rates dependable came aft Trump's nationalist run successful caller weeks to impulse the Fed and Powell to chopped rates arsenic his medication rolls retired a bid of assertive tariffs connected goods imported from large trading partners.

In doing so, the president besides lobbed a bid of insults astatine Powell, calling him a "total stiff" and a "major loser" portion accusing him of being precocious to act.

"There tin beryllium a SLOWING of the system unless Mr. Too Late, a large loser, lowers involvement rates, NOW," the president posted connected his societal media website, Truth Social, connected April 21, saying that "'Preemptive Cuts' successful Interest Rates are being called for by many."

He besides said that Powell's "termination can't travel accelerated enough" earlier aboriginal clarifying that helium had nary volition of removing Powell earlier his word is up successful May 2026.

Read more: How overmuch power does the president person implicit the Fed and involvement rates?

Powell was asked astir his absorption to Trump saying that helium would support Powell successful place, and helium replied that helium had thing much to say. Powell has antecedently said helium intends to service retired his word and that his removal is not permitted by law.