The president and the Fed Chair agreed that there has been significant progress made in Wall Street reform which has strengthened the financial system and better protects consumers.
The two discussed the growth outlook for both the short and long-term. They also talked about the state of employment and economic risks both at home and overseas.
White House spokesman Josh Earnest said earlier that both Obama and Yellen are focused on ways to expand economic opportunities for the U.S. middle class. He called the meeting an opportunity for the two to "trade notes" while emphasizing that Yellen makes decisions about monetary policy independently.
The president occasionally meets with the Fed chair to discuss the state of the economy. The last such meeting was in November 2014.
"The president has been pleased with the way that she has fulfilled what is a critically important job," Earnest said. He added that Obama has "the upmost respect for the independent nature of her role."
— The Associated Press contributed to this report.