U.S. President Donald Trump told Federal Reserve (Fed) Chairman Jerome Powell he is making a mistake by not cutting interest rates, the Wall Street Journal reports.

Fed said Powell met with Trump at the White House "to discuss economic developments, including on growth, employment, and inflation."

Powell did not discuss his specific expectations for monetary policy. But he stressed that policy decisions - such as the path of interest rates - will depend on economic data.

Asked at a White House news conference about the meeting, White House press secretary Carolyn Leavitt said:

"Both the president and I saw the statement the Fed made after the meeting. That statement is correct. However, the President said that he believes the Fed Chairman is making a mistake by not lowering interest rates, which puts us at an economic disadvantage to China and other countries. And the President has been very clear about that, both publicly and now I can disclose - and privately."

Asked if Trump had talked about moving Powell from his post as Fed chairman, Leavitt answered in the negative.

On May 7, Powell was asked during a press conference why he had not met with the president this year. "I've never asked for a meeting with any president and I never will," the Fed chairman said.

Trump has made it clear he is unhappy with interest rates and wants them to be lower. Last month, he hinted that he would try to fire Powell.

The Republican has since withdrawn that threat, but has continued to press the Fed chairman to lower rates. Fed officials, meanwhile, have signaled that they worry tariffs will raise inflation, and that they are still on hold on interest rates, in part because of the generally strong performance of the U.S. economy. | BGNES