President Trump met with Federal Reserve Chair Jerome Powell for the first time since returning to the White House, telling the central banker he’s making a mistake by not lowering interest rates. Powell stuck to his usual playbook of declining to discuss the monetary-policy outlook and stressing that central bankers will make interest-rate decisions based solely on “careful, objective and non-political analysis,” according to a Fed statement. Meanwhile, the Fed and investors will get fresh inflation data today with the release of the personal-consumption expenditures price index for April. Economists expect the index to be up 2.2% in the 12 months through April, compared with 2.3% in March.

President Trump and Fed Chair Jerome Powell met for about half an hour in the Oval Office on Thursday, following an invitation from the president about two weeks ago, a person familiar with the matter said. “The president did say 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,” White House press secretary Karoline Leavitt said during a news conference. “The president has been very vocal about that both publicly—and now I can reveal—privately, as well.”

• Trump’s Team Plots Plan B for Imposing Tariffs
• How a Small Wine Importer Took On Trump’s Tariffs

Gross domestic product, a broad measure of the goods and services produced across the U.S., contracted at a 0.2% rate in January through March, the Commerce Department said Thursday. The department estimated a month ago that first-quarter GDP contracted at a 0.3% rate.

• Underlying Demand Was Weaker Than First Thought at Start of Year

Weakness in the Mexican economy and the peso’s resilience in the face of U.S. trade uncertainty encouraged the Bank of Mexico to lower its benchmark interest rate by a half a percentage point this month despite an uptick in inflation, minutes to the meeting showed Thursday.

A disgraced former Goldman Sachs banker turned government cooperator was sentenced Thursday to two years in prison for his role in the looting of billions of dollars from a Malaysian sovereign-wealth fund in a global scandal that tarnished the Wall Street bank.

8:30 a.m.: U.S. Personal Income and Outlays, PCE Price Index
8:30 a.m.: U.S. Advance Economic Indicators Report
9:45 a.m.: Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
10 a.m.: University of Michigan Survey of Consumers - final
12:30 p.m.: Atlanta Fed President Raphael Bostic speaks at Council for Economic Education event
3 p.m.: U.S. Agricultural Prices
7:30 p.m.: Federal Reserve Bank of Chicago President Austan Goolsbee participates in 'The Interview Show With Mark Bazer' talk show

8 p.m.: Federal Reserve Governor Christopher Waller speaks on economic outlook at Bank of Korea International Conference

9:45 a.m.: U.S. Manufacturing PMI
10 a.m.: ISM Report On Business Manufacturing PMI
12:45 p.m.: Chicago Fed President Austan Goolsbee speaks at QCBJ Mid-Year Economic Review event

• More people newly filed for unemployment claims last week, according to the Department of Labor, a larger uptick than expected but one that still kept the claims tally within its recent range.
• The number of homes going under contract in the U.S. fell sharply in April, as high mortgage prices continue to hamper the market, according to a monthly index.
• Price rises in Spain, Italy and France cooled this month, putting the European Central Bank on course to reach its inflation target and cementing expectations that it will deliver an eighth rate cut at its meeting next week.
• A cadre of Greek shipping magnates has sent a stream of ships to Russian ports in recent months, stepping back into the fold as the go-to distributors of Moscow’s crude to the world.
• Japanese government data released Friday present a mixed picture of rising inflation and sluggish industrial activity, placing the Bank of Japan in a difficult position when it considers future rate hikes.

Big private-equity firms increasingly are taking two different approaches as they strive to expand, with most following an “asset light” strategy.

U.S. venture capitalists are racing to tap into China’s growing biotechnology prowess.

Some of the U.S. banks that cut ties with a leading industry climate group have shifted how they talk about their climate efforts.

Nespresso, purveyor of sophistication, wants to win over Gen Z coffee drinkers. It’s having to get more playful with its marketing to do so.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by Michael Maloney in New York. Send your tips, suggestions and feedback to michael.maloney@wsj.com.