Federal Reserve Chair Jerome Powell on Thursday met with President Donald Trump at the White House for the first time in the president's second term.

"At the President's invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment and inflation," the Fed said in a statement. 

"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," the central bank's statement continued.

"Finally, Chair Powell said that he and his colleagues on the FOMC 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."