• Trump pressures Powell to cut interest rates to bolster economic growth.
• Powell asserts that monetary policy decisions will remain independent and non-political.
• This meeting is the first since Trump returned to the White House in January.
• Trump has criticized Powell for being "too slow" in rate cuts.
• White House indicates that high rates disadvantage the U.S. economy.

Federal Reserve Chair Jerome Powell met with U.S. President Donald Trump at the White House on May 29 to discuss key economic issues such as growth, employment, and inflation. This meeting was initiated by Trump, who has urged Powell to lower the Fed's benchmark interest rate, criticizing him for acting "too late" on monetary policy decisions, according to CBS News and Newsweek.

During the meeting, Powell emphasized that the path of monetary policy will be determined by incoming economic data, reinforcing the Fed's commitment to making decisions based on "careful, objective, and non-political analysis." Trump conveyed to Powell that failing to implement rate cuts would put the U.S. at an "economic disadvantage" relative to countries like China, as noted by Reuters and SCMP.

This meeting marks the first face-to-face since Trump resumed his term, signifying a notable escalation in the pressure on Powell amid ongoing frustrations from Trump related to the Fed's rate policies. White House Press Secretary Karoline Leavitt stated afterward that Trump believes the Fed's current rates could throttle economic growth, thus prompting his calls for reductions, as mentioned in Channel News Asia and SCMP.