Fed Chair Jerome Powell says he wouldn’t resign if Trump asked him to

Fed Chair Jay Powell said Thursday that he would not resign if president-elect Donald Trump asked him to.

Asked whether he would step down amid chatter that Trump’s advisors had suggested he do so, Powell replied, “No.”

Trump himself nominated Powell as Federal Reserve chairman in 2017 in his first administration.

Powell also said that he was not legally required to leave if asked to do so, and that his staff had determined that the president lacked the capacity under the law to demote, at will, himself or any other Fed governors.

Powell made the comments during his regularly scheduled remarks following the release of the Federal Open Market Committee’s latest statement on interest rate policy. The committee announced a quarter-point cut, a widely expected move.

Representatives for Trump did not immediately respond to a request for comment.

This is a developing story. Check back for updates.