Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
That marked their first meeting since the president nominated Powell to the post and follows months of strong criticism from Trump about his nominee and the Fed.
The central bank said in a statement it was an "informal dinner" in the White House residence "to discuss recent economic developments and the outlook for growth, employment and inflation."
Most presidents meet at least once and sometimes more often with the Fed chair. But given the president's past criticism, it had been unclear if and when Powell and Trump would meet. The president had extended the invitation on Friday.
A senior administration official confirmed the meeting and said it was "two on a side."
"No pitchforks. It was much more casual than an Oval Office meeting," the official said. "They had a very good exchange of views."
The statement from the Fed said Powell's comments to Trump "were consistent with his remarks at his press conference of last week." Powell was said not to have discussed monetary policy expectations "except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook."
Trump has been highly critical of the Fed for raising interest rates, including calling the Fed "out of control" in October. At its January meeting, the Fed shifted policy toward a more neutral stance away from rate hikes — at least for the time being.
The president — who said in November that he was "not even a little bit happy" about his selection of Powell — has not commented on Fed policy since the shift.
Here's the statement from the Fed about the meeting:
Statement on Chair Powell's and Vice Chair Clarida's meeting with the President and Treasury Secretary
At the President's invitation, Chair Powell and Vice Chair Clarida joined the President and the Treasury Secretary for an informal dinner tonight in the White House residence, to discuss recent economic developments and the outlook for growth, employment and inflation.
Chair Powell's comments in this setting were consistent with his remarks at his press conference of last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
Finally, Chair Powell said that he and his colleagues on the FOMC will set monetary policy in order to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis.
—CNBC's Eamon Javers contributed to this report.