During the meeting, Powell did not discuss his outlook for the federal funds rate, according to a statement issued by the Fed on Thursday afternoon. Instead, the central bank chief pledged to ensure the next policy adjustment is made free of political considerations.

"Chair Powell 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," according to the statement, adding that Powell and the rest of the Federal Open Market Committee "will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis."

The Fed said Trump invited Powell to the White House and the conversation centered on economic growth, employment and inflation.

The meeting comes as a growing number of Trump administration officials have begun calling on the Fed to lower interest rates. Earlier this week, Federal Housing Finance Agency Director Bill Pulte called on Powell to begin easing monetary policy.

"President Trump has crushed Biden's inflation, and there is no reason not to lower rates," Pulte posted on X.com, the site formerly known as Twitter. "The housing market would be in much better shape if Chairman Powell does this."

Trump has been vocal about his own desire for the Fed to lower its benchmark interest rate, even going so far to label the Fed chairman "Too Late" Powell for not acting more swiftly to adjust policy and calling for his "termination." The president has since walked back those threats, saying he has "no intention" of firing Powell. 

Trump and Powell have had a tumultuous relationship dating back to Trump's first stint at the White House. After tapping Powell to be chair in 2018, Trump soon grew frustrated with the Fed's effort to raise interest rates and shrink its balance sheet. The public attacks continued after Trump's failed reelection bid and have ramped up since his campaign victory last fall. 

The tension between the two has raised questions about the degree to which the central bank and White House have communicated with one another since January. During his post-Federal Open Market Committee meeting press conference earlier this month, Powell was asked why he had not yet requested to meet with Trump.

"I've never asked for a meeting with any president, and I never will. I wouldn't do that. There's never a reason for me to ask for a meeting. It's always been the other way," Powell said. "I don't think it's up to a Fed chair to seek a meeting with the president. Although maybe some have done so, I've never done so. I can't imagine myself doing that. I think it always comes the other way, the president wants to meet. That hasn't happened."

Trump's repeated calls for policy adjustments and his musings about removing Powell from office have raised questions about the Fed's independence from the executive branch. Powell has repeatedly said that the Fed is accountable only to Congress and that he could not be fired without cause. 

A recent ruling by the Supreme Court about the ability for the president to remove appointees at independent agencies said the Fed is insulated from executive firings. 

"The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States," the court said in its decision.