Obama and Yellen meet — but don't talk about interest rates

WASHINGTON — President Obama and Federal Reserve Chairwoman Janet Yellen spoke about the state of the economy, banking regulation and consumer protection — not interest rates — in a meeting Monday, the White House said.

The agenda, according to the White House, included "both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally."

Not on the agenda: Monetary policy, which is generally considered a taboo subject for presidents and the head of the central bank.

"I would not anticipate that, even in the confidential setting, that the president would have a conversation with the chair of the Fed that would undermine her ability to make these kinds of critical monetary policy decisions independently," White House Press Secretary Josh Earnest said Monday before the meeting. "I know that the president cares deeply about preserving both the appearance of and the fact of the independence of the Federal Reserve and the chair."

Though Yellen has attended larger meetings at the White House, Monday's sit-down in the Oval Office was the first one-on-one meeting since 2014.

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Obama nominated Yellen as Fed chair in 2013, and gives her high marks for her managment of the economy. Earnest said Obama "has been pleased with the way that she has fulfilled what is a critically important job," both in terms of economic policy and the board's role in banking regulation.