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Fed Cuts Interest Rates Again, Powell Says He Won’t Resign If Trump Asks

The Federal Reserve cut interest rates by a quarter point Thursday, continuing on its path to bring down borrowing costs just two days after an election that many economists fear could bring an uptick in inflation.

The move was expected and markets are already pricing in another 25 basis points cut in December.

Asked directly Thursday whether he would resign if asked by Donald Trump, Powell offered a one-word response: “No.” Pressed as to whether he thinks he would be legally required to, he said: “No.” When a second question was asked whether the president can actually fire a Fed chief, he answered tartly, “Not permitted under the law.”

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This post originally appeared at U.S. News & World Report.