(MENAFN- Live Mint) Federal Reserve Chairman Jerome Powell stated on Thursday that he would not step down if former President Donald Trump asked him to do so. When asked if he would consider leaving his position at Trump's request, Powell had a single-word response:“No.” He further emphasised that the president lacks the authority to fire or demote him before his term expires in May 2026, as per a report by New York Times.

Livemint could not independently verify this news development.

Trump, who appointed Powell in 2018, quickly became frustrated with the Fed chair after Powell resisted repeated calls to lower interest rates during Trump's administration. Trump reportedly considered removing or demoting Powell, though his advisers warned that such an action would be challenging and legally complex, as per a report by New York Times.

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Speculation that Trump might once again push for Powell's resignation has continued, fueled by the former president's ongoing public criticism of the Fed. But on Thursday, Powell made it clear he would not resign under pressure.“No,” he reiterated when asked if Trump could force him out, refusing to provide further detail, as per a report by New York Times.

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Powell's comments came during a press conference after the Fed announced a quarter-point interest rate cut, the report further added.

Although Fed officials hinted that more cuts might follow, they did not give specific guidance on the timing or scale of future adjustments, as per a report by New York Times.

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Regardless of Powell's stance, Trump has shown no hesitation in publicly commenting on Fed policy and might continue to do so. Throughout his time in office, Trump frequently criticized the Fed's decisions. But Powell has insisted the central bank's policy decisions remain independent and are unaffected by political influence, as per a report by New York Times.

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