Federal Reserve Chair Jerome Powell said he won’t step down if President-elect Donald Trump, who has previously criticized Powell’s performance, asks him to resign. 

Speaking at a press conference Thursday to discuss the Fed’s move today to cut its benchmark interest rate by 0.25 percentage points, Powell added that it is not permitted under the law for presidents to fire or demote the Fed chair. 

During the event, Powell generally avoided answering media questions about the Nov. 5 election, in which Trump defeated Vice President Kamala Harris.

“I’m not going to get into the political things here today,” Powell said in response to a question from CBS News’ Kelly O’Grady. 

Trump nominated Powell to lead the Fed in 2017. Powell’s term as Fed chair ends May 15, 2026.

—This is a breaking story and will be updated.