“Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve,” Trump said. “Everything was discussed including interest rates, negative interest, low inflation, easing, Dollar strength & its effect on manufacturing, trade with China, E.U. & others, etc.”

The Fed phrased its statement on the gathering to emphasize its political independence.

“Chair Powell's comments were consistent with his remarks at his congressional hearings last week,” the Fed’s statement said. “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 added.

Fed officials including Powell, who Trump appointed as chairman, have indicated that the central bank won’t be taking further policy action for the time being, after cutting interest rates three times to support the U.S. economy in the face of trade tensions and slowing global growth.

Trump and Powell last met in February at a dinner that also included Mnuchin and Fed Vice Chair Richard Clarida. The vice chair, also a Trump appointee and a close Powell ally, did not attend this time.