Federal Reserve Chairman Jerome Powell has been the target of months of criticism from the president over the central bank's interest rate policy, | Drew Angerer/Getty Images FINANCE & TAX Powell tells Trump, over dinner, that Fed will remain nonpolitical

Federal Reserve Chairman Jerome Powell met for dinner with President Donald Trump on Monday evening, the first time the two men have spoken since Powell was sworn in as the central bank’s chief last February.

Powell, who has been the target of months of criticism from the president over the central bank's interest rate policy, stressed that the Fed's decisions on rates would remain nonpolitical, according to a statement from the Fed.


But Powell, a Trump appointee, did not discuss his plans for rates, the Fed said.

“Chair Powell said that he and his colleagues on the [Fed’s rate-setting committee] will set monetary policy in order to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis,” the Fed said.

Trump, who has warned that Fed rate hikes were endangering economic growth, was especially angered in December when the central bank again raised rates. That led to reports that the president was considering firing Powell.

But that dispute has died down in recent weeks as the Fed has increasingly signaled uncertainty about the economic outlook. The central bank last week left interest rates unchanged and suggested that it was ready to pause in its campaign of steadily hiking rates, sending stocks surging.

Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin also attended the dinner, which was scheduled “to discuss recent economic developments and the outlook for growth, employment and inflation,” the Fed’s statement said.

It added that Powell's remarks were “consistent with his remarks at his press conference of last week.”

“He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the Fed said.

The meeting was scheduled on Friday, and lasted for an hour and a half, according to Fed spokeswoman Michelle Smith.