Obama, Yellen, in first one-on-one meeting, discuss the economy and global recovery

Federal Reserve Chair Janet Yellen is giving President Barack Obama her perspective on the economy and the outlook for a global recovery in the first one-on-one meeting with the president since she assumed the post in February.

Obama and Yellen were meeting Monday, a week ahead of Obama's Asia trip which includes a gathering in Australia of the Group of 20 largest economies.

The Obama-Yellen meeting comes as Yellen faces a decision on when to raise short-term interest rates. The Fed has kept rates at record lows since 2008 to help the economy.

Obama did see Yellen last month while meeting with financial regulators to review measures aimed at avoiding a repeat of the 2008 financial crisis.

Obama held periodic meetings with former Fed Chairman Ben Bernanke.