President Donald Trump and Fed Chairman Jerome Powell finally met face to face Tuesday, giving the two leaders a chance to communicate and helping to remove one small layer of uncertainty surrounding the markets and the economy.

Monday's dinner, which Treasury Secretary Steven Mnuchin and Fed Vice Chairman Richard Clarida also attended, came after a year of rancor during which the president has harshly criticized the central bank chief.

On an official basis, neither side revealed much.

Word from the White House was that the dinner featured a "very good exchange of ideas" and "no pitchforks." The Fed said it was to "discuss recent economic developments and the outlook for growth, employment and inflation."

From a market perspective, though, a more cordial relationship between the two sides is better than the alternative of worries about whether the Fed's political independence could be compromised by a meddling president who might actually replace the chairman if he continued to raise rates.

"I look at as more an opportunity for Powell to express his thoughts on things, because there's no mystery of Trump's thoughts on things with respect to monetary policy. Trump never wanted Powell to raise interest rates at all," said Peter Boockvar, chief investment advisor at Bleakley Advisory Group. "I'm hoping that Powell used this as an opportunity to explain what he's doing."

The tenor of the meeting may have been helped by the fact that the Fed over the past several weeks has come closer to Trump's thinking.

At last week's policy meeting of the Federal Open Market Committee, Powell and his fellow central bankers set forth a "patient" approach to future rate hikes. Powell himself told media members that he would need convincing proof that more tightening is necessary before trying to push further increases.

That was a considerable shift from just a month earlier, when officials indicated two rate hikes were likely in 2019 and Powell said another aspect of policy normalization, the reduction of the bond holdings on the Fed's balance sheet, was on "autopilot."

Trump has long worried that a tighter Fed would thwart the economic recovery and bull market.