Biden denies ever speaking to Powell as president, but they met in the Oval Office in 2022.

• Since becoming president, President Joe Biden has never spoken to Federal Reserve Chair Jerome Powell.
• Photos and videos from a meeting between two men and Treasury Secretary Janet Yellen, which took place in the Oval Office on May 31, 2022, show the discussion centered on inflation.
• On Thursday, the day after the Fed announced a 50 basis point cut in interest rates, the president made an inaccurate claim during his speech at the Economic Club of Washington, D.C.

On Thursday, President Joe Biden stated that he had never had a conversation with Federal Reserve Chair Jerome Powell during his time as president.

Photos and videos from a meeting between President Biden and Treasury Secretary Yellen, held in the Oval Office on May 31, 2022, show the pair discussing inflation.

The president made an incorrect statement about the Fed's decision to cut interest rates by 50 basis points during a speech at the Economic Club of Washington, D.C., the following day.

Biden stated that he has never communicated with the Fed chairman since assuming the presidency while emphasizing his respect for the central bank's autonomy.

During the White House press briefing on Thursday, Jared Bernstein, Chair of the Council of Economic Advisors, clarified that Biden's statement about the inaccurate recollection was in reference to discussions about interest rates, not the actual policy.

"According to Bernstein, the president stated that he has never pressured Chair Powell to discuss interest rates."

Biden's critique of Trump's threat to challenge the Federal Reserve's independence was undercut.

"Unlike my predecessor, I value the Federal Reserve's autonomy as they work to reduce inflation. Their independence has benefited the country," Biden stated on Thursday.

"The loss of independence would cause immense harm to our economy."

In his 2022 Oval Office meeting with Powell, Biden emphasized the significance of the Fed's autonomy in combating inflation.

"My plan to tackle inflation begins with a fundamental belief: Trust the Fed. Trust the Fed's autonomy," Biden stated. "As president, my responsibility is not only to appoint competent individuals to that organization but to allow them the freedom to execute their duties."

In August, Trump, the Republican presidential candidate, stated that presidents should have some input in the Fed's decisions regarding interest rates.

Trump stated at an Aug. 8 Mar-a-Lago press conference, "I strongly feel that way, yeah."

"In my case, I believe I have made a substantial amount of money, achieved great success, and possess a better instinct than many people who hold positions on the Federal Reserve or as chairman."

Earlier this year, the Wall Street Journal reported that Trump advisors were developing a plan to involve Trump in the Fed's interest rate decision-making process if he wins the election in January.