U.S. President Donald Trump called Federal Reserve Chair Jerome Powell to the White House on Thursday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a "mistake" by not lowering interest rates.

The Federal Reserve chair said the two discussed "economic developments" but not his expectations for monetary policy at a White House meeting called by the president.

Key Takeaways President Donald Trump met with Fed Chair Jerome Powell on Thursday.Trump has frequently called on Powell to cut interest rates, but the Fed has not done so since Trump took office.The Fed is not under the direct control of the White House,