Trump and Fed Chair Powell finally meet again, over dinner

/ CBS/AP

What Powell's decision means for the markets

Washington – The Federal Reserve said Chairman Jerome Powell had dinner at the White House with President Donald Trump on Monday, but the two men didn't discuss the future course of interest rates.

The Fed said Mr. Trump and Powell were joined by Treasury Secretary Steven Mnuchin and Federal Reserve Vice Chairman Richard Clarida.

The dinner marks the first time the president and Powell have met since Mr. Trump picked him for the top Fed job in November 2017. During the last three months of 2018, Mr. Trump was sharply critical of the Fed's move to higher interest rates.

Last week, the Fed signaled that it planned to pause its rate hikes and would be "patient" before raising rates again, an announcement that sparked a huge rally on Wall Street. After the Fed's last rate-setting meeting on Jan. 30, Chairman Powell said "The case for raising rates has weakened somewhat."

Trump: Federal Reserve thinks "our economy's too good"

The Federal Open Market Committee, the bank's rate-setting panel, issued a statement noting global economic headwinds and low inflation. "In light of global economic and financial developments and muted inflation pressures," it said, "the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate."

In addition to pressure aimed directly at Powell from President Trump for pushing ahead with rate hikes, the central bank has been feeling heat to slow its pace of rate hikes in light of weakening economic growth abroad and the U.S. trade dispute with China.

First published on February 5, 2019

© 2019 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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