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Economic Indicator

Fed's Powell meets with Trump, reiterates that Fed decisions are based on data

Source Fxstreet

According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's decisions on monetary policy are based on trackable data from the US economy. Donald Trump has been writhing on social media for months, desiring sharp rate cuts from the Fed as a low rate environment tends to make federal debt cheaper, something that the Trump administration's budget policies will add plenty of over the next ten years.

Fed highlights

Fed Chair Powell met with Trump at White House today.
Powell did not discuss expectations for monetary policy.
Powell said his policy will depend on incoming economic information.

Market reaction

Markets remain broadly nonplussed on Thursday after US federal courts knocked down President Trump's tariffs overnight. The US Dollar Index (DXY) is sharply lower, falling back below 100.00 and testing an intraday floor near 99.35.

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