Federal Reserve Chair Jerome Powell reiterated the central bank’s independence on Wednesday, firmly stating that he has “never asked for a meeting with any president — and never will.” Speaking at a press conference following the Fed’s May policy meeting, Powell stressed that such initiatives always come from the president’s side, not the Fed’s.
“There is never a reason for me to ask for a meeting, it’s always been the other way around,” Powell said, distancing the central bank’s operations from political influence. He also dismissed concerns that U.S. President Donald Trump’s remarks about him or the Fed’s policies affect decision-making: “They don’t affect the way we operate at all.”
Earlier, the Federal Open Market Committee (FOMC) voted to hold interest rates steady at 4.25% to 4.5%, citing rising risks from both unemployment and inflation. Powell made it clear the Fed would not preemptively cut rates, highlighting ongoing economic uncertainty amid persistent inflation and the lingering impact of Trump-era tariffs.
“We don’t know what the right response is until we see more data,” Powell explained, underscoring the Fed’s cautious, data-driven approach as it navigates a complex economic landscape.
