Washington, May 29 (AP) President Donald Trump met with Federal Reserve Chair Jerome Powell on Thursday and the two discussed the economy but not Powell's outlook for interest rates, the Fed said.

Powell told Trump that the central bank would make decisions about the short-term interest rate it controls “based solely on careful, objective, and non-political analysis.” The Fed's rate typically influences borrowing costs across the economy, including for mortgages, car loans, and business borrowing.

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The meeting comes as Trump has assailed Powell for not reducing the Fed's key interest rate, calling him “Too Late Powell.” The president initiated the meeting, the Fed said.

Trump argues that there is “no inflation” and so Powell should cut rates, though such a move might not necessarily reduce the borrowing costs consumers face. Inflation is down substantially from a year ago, yet it remains above the Fed's 2 per cent target.

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The meeting is the first during Trump's second term, though the two met and had lunch together in his first term. Fed chairs regularly meet with Treasury secretaries but less often with presidents, given that the Fed's interest rate decisions are intended to be separate from political concerns. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)