US Fed chair says will not leave early if asked by Trump

US Federal Reserve Chair Jerome Powell said that he would not resign if asked to leave early by President-elect Donald Trump. Trump nominated Powell as Fed 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, him or any other Fed governors. 

Powell's term is scheduled to end in May 2026. 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.