Update (1120ET) : Following the report that Trump and Powell discussed negative rates, among other things, the dollar has slumped to session lows, with the Bloomberg dollar index dipping below 1,200.

Source: Bloomberg

And in an amusing twist, CNBC's Eamon Javers notes that this morning’s Fed meeting took place in the White House residence - the president’s personal quarters- not in the West Wing, where the Oval Office is.

A White House official tells me this morning’s Fed meeting took place in the White House residence - the president’s personal quarters- not in the West Wing, where the Oval Office is. I am told the president has not yet been in the West Wing today. — Eamon Javers (@EamonJavers) November 18, 2019

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Moments ago, the Fed announced that in a previously unannounced meeting that was not on the official White House calendar, Fed Chair Powell met with Trump and Mnuchin at the White House "to discuss the economy, growth, employment and inflation", marking the second face-to-face meeting between the world's two most powerful people amid Trump's relentless criticism of the central bank. As a reminder, Powell had dinner with the president in February and the two have spoken since by telephone since.

The Fed's boilerplate statement was followed by another, with the Fed noting that "Powell's comments were consistent with his remarks at his congressional hearings last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming information that bears on the outlook for the economy."

What is notable is the Fed's addition that "Powell said that he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis."

As CNBC points out, the fed’s language here - and that the Fed is first to disclose the meeting - will be seen as a brush back pitch by Powell to President Trump. The full statement is below:

Statement on Chair Powell's meeting with the President and the Treasury Secretary At the President's invitation, Chair Powell met with the President and the Treasury Secretary Monday morning at the White House to discuss the economy, growth, employment and inflation. Chair Powell's comments were consistent with his remarks at his congressional hearings last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming information that bears on the outlook for the economy. Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis.

it is worth noting that the Fed's statement is almost word for word identical as the one released in February. Only difference as CNBC's Eamon Javers adds, seems to be that today the Fed added the phrase "as required by law" to explain what the Fed's priorities are for monetary policy.

During his Congressional testimony last week, Powell called the U.S. economy a "star" performer and voiced solid confidence that its record expansion will stay on track even as, paradoxically, the Fed recently cut rates three times in the past four months and in October launched NOT QE (spoiler alert: it is QE) to purchase T-Bills in a move which Bank of America described is QE in all but name.

Powell’s recent remarks confirmed that the Fed believes it has done enough to keep the economy on track for now, that rates are now on hold pending any major changes to the economy, and monetary policy is probably now on a prolonged hold as long as the outlook remains favorable.

Going back to today's meeting, considering Trump's relentless Twitter barrage urging the Fed to cut rates more, and even go negative, as well with Trump's periodic invocation that the Fed launch QE (which is odd since the Fed did launch QE last month), one can only imagine what Trump really said to Powell, although we would assume that kneejerk speculation that Trump asked Powell to probe Biden's finances is merely the results of a "whistleblower" with an acute sense of humor.

And just to provide some color on what happened, Trump tweeted moments after the Fed press release that "Everything was discused including interest rates, negative interest, low inflation, easing, Dollar strength & its effect on manufacturing, trade with China, E.U. & others, etc."