Federal Reserve Chair Jerome Powell told President Donald Trump on Thursday that monetary policy decisions would be “based solely on careful, objective, and non-political analysis,” according to a brief statement by the central bank.

Powell’s comments came in a meeting at the White House on Thursday “at the President’s invitation,” the Fed said in its statement, which underscored that the central bank chief sought to defend its independence.

“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 statement said.

The Fed reiterated what Powell has long emphasized in the face of Trump’s long-running, unprecedented pressure campaign on the central bank to slash interest rates — “that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices,” the central bank said, referring to Federal Open Market Committee that sets rates.

Central bank leaders are set to meet June 17-18 to determine their next interest rate decision.

White House press secretary Karoline Leavitt told reporters later Thursday that Trump conveyed to Powell “that he believes the Fed chair is making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries.” She acknowledged that “the president’s been very vocal about that, both publicly and now I can reveal privately as well.”

Trump, who nominated Powell in 2017, has repeatedly attacked him, recently calling him on social media “a FOOL, who doesn’t have a clue.”

Trump’s Fed comments have often moved markets. An April 17 Truth Social post saying that “Powell’s termination cannot come fast enough” led to days of market turmoil. The president eventually backed off, saying five days later that he had “no intention” of firing Powell and “never did,” a possibility that the Supreme Court recently noted would likely exceed presidential powers.

While meetings between the president and the Fed chair are rare, Powell did meet face-to-face twice with Trump in 2019, during his first term: once on Feb. 4 (Powell’s birthday), and again on Nov. 18 of that year. Powell also met with President Joe Biden in May 2022, after Powell was reappointed to another term.

President Volodymyr Zelensky said China has stopped selling drones to Ukraine and Western countries while continuing to supply them to Russia, Bloomberg reported on May 29.

“Chinese Mavic is open for Russians but is closed for Ukrainians,” Zelensky told reporters, referring to the popular quadcopter drone manufactured by China’s DJI.

“There are production lines on Russian territory where there are Chinese representatives,” he added, according to Bloomberg.

The Mavic, typically a civilian drone used for aerial photography, has been adapted by both Ukrainian and Russian forces for battlefield surveillance and as a weapon platform capable of carrying explosives.

Drones have played a decisive role in the war, with both sides using them for reconnaissance and precision attacks.

On April 7, Zelensky announced that Ukraine would scale up production of unmanned systems “to the maximum,” including long-range, ground-based, and fiber-optic drones, which are resistant to electronic warfare.

Zelensky’s recent remarks reportedly align with assessments from European officials. One official told Bloomberg that China has not only restricted drone exports to Ukraine and other Western buyers, but has also reduced shipments of drone components, including motor magnets, while ramping up deliveries to Russia.

“When someone is asking whether China is helping Russia, how shall we assess these steps?” Zelensky said.

Beijing has repeatedly denied aiding either side with military goods. On May 27, the Chinese Foreign Ministry also rejected claims made by Ukrainian intelligence chief Oleh Ivashchenko, who alleged that Beijing provided special chemicals, gunpowder, and other defense-related materials to at least 20 Russian military-industrial facilities.

Ivashchenko also said that as of early 2025, 80% of critical electronic components in Russian drones were of Chinese origin. In response, Chinese Foreign Ministry spokesperson Mao Ning reiterated that China has “never provided lethal weapons” and “strictly controls dual-use items.”  

Despite its claims of neutrality, Beijing has deepened economic and strategic ties with Moscow, prompting Western concerns and NATO’s designation of China as a “decisive enabler” of Russian aggression.

Exclusive: Ukraine eyes new sanctions on China, but Kyiv wary of peace talks fallout

Ukraine faces a difficult balancing act — sanctioning more Chinese firms for aiding Russia’s war machine without alienating Beijing, which could be key to ending Russia’s invasion. Kyiv is currently considering imposing new sanctions against Chinese firms providing raw materials to Russia’s defense sector, a source close to