Trump Says Meeting With Fed Chair Powell On Rates Was ‘Very Good’

President Donald Trump on Friday said he had a “very good meeting” with Federal Reserve Chair Jerome Powell, suggesting that Powell may be open to lowering interest rates.

"We had a very good meeting ... I think we had a very good meeting on interest rates," Trump said while leaving the White House for Scotland, according to a report by Reuters. 

Markets opened in the green on Friday morning. The SPDR S&P 500 ETF (SPY) gained 0.15%, while the SPDR Dow Jones Industrial Average (DIA) was up 0.05% and the Invesco QQQ Trust Series 1 (QQQ) climbed 0.11%.

On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory over the past day, while retail sentiment around DIA improved to ‘bullish’ from the ‘neutral’ zone.

Trump’s comments follow the Federal Reserve's release of a statement earlier on Friday, stating that it was “honored” to welcome President Donald Trump to its headquarters and was “grateful” for the President’s encouragement to complete its renovations. 

The President visited the Federal Reserve headquarters on Thursday afternoon to review the renovations. Wearing a hard hat, he was shown around the Fed’s construction site by Powell, currently undergoing a $2.5 billion renovation.

During the tour, Trump claimed that renovation costs had increased to $3.1 billion, which Powell disputed. According to him, the additional costs that Trump was citing were from one-third of the renovations that had already been completed.

Trump also reiterated his call for Powell to cut interest rates, suggesting once again that they should decrease by at least three percentage points, but stated that he does not intend to fire Powell.

According to a report by CNN, Powell has told multiple associates that he will not give in to Trump’s calls for a resignation until his term comes to an end in May next year.

Read also: Fed ‘Honored’ By Trump Visit, ‘Grateful’ For President’s Encouragement

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