Mr. Powell has a standing weekly breakfast with Treasury Secretary

Janet Yellen,

and the central bank’s Washington-based board has a monthly lunch with the White House’s Council of Economic Advisers. Presidents have routinely met with Fed leaders throughout the institution’s 108-year history on a less frequent basis.

The Fed is in the process of raising interest rates at the fastest pace since the 1980s. Minutes from the Fed’s May 3-4 policy meeting, released last week, show the central bank is likely to lift its benchmark interest rate, currently in a range between 0.75% and 1%, by a half percentage point at its next two meetings, in June and July.

While presidents and the party in power have often favored lower interest rates to support stronger growth, polls show that inflation is very unpopular, and Democrats are bracing for losses in this fall’s midterm congressional elections. Consumer confidence has slumped amid rising prices of food and gas.

Lawmakers in both parties have supported the Fed’s efforts to raise interest rates, with some criticizing the Fed for having waited too long to do so.

Mr. Biden has said he won’t tell the Fed what to do but has broadly supported the Fed’s plans to withdraw stimulus. “I believe that inflation is our top economic challenge right now, and I think they do too,” Mr. Biden said on May 10.

Mr. Biden met with Mr. Powell at the White House previously on Nov. 4 as he weighed whether to appoint the Fed leader to a second term.

Mr. Powell was initially appointed to lead the central bank in 2018 by former President

Donald Trump,

who subsequently soured on the Fed leader and repeatedly criticized him in public statements.

Those comments ended a nearly 25-year custom in which presidents had refrained from publicly weighing in on monetary policy. The public pressure sometimes fueled speculation in financial markets that the central bank might change policy to satisfy political demands, particularly at intervals when they coincided with policy shifts that Mr. Powell and his colleagues said were driven solely by changes in the economic outlook.

Mr. Biden has frequently promised to maintain a hands-off approach with the central bank. “The Federal Reserve is an independent operation,” he said in April 2021. “I want to be real clear that I’m not going to do the kinds of things that have been done in the last administration…telling them what they should and shouldn’t do.”

Write to Nick Timiraos at nick.timiraos@wsj.com