Federal Reserve Chair Jerome Powell had a simple response Thursday as to whether he would leave his post if President-elect Donald Trump asked him to.

“No.”

Powell, speaking to reporters after Fed policymakers cut interest rates again, tried during his press conference to avoid the political fray. Still, he made clear that he’s not going anywhere. He declared that it’s “not permitted under the law” for presidents to remove members of the independent central bank.

Despite years of criticism of the Fed chief, the once and future president said over the summer that he would let Powell finish out his term, which doesn’t end until mid-2026 — “especially if I thought he was doing the right thing.” But close advisers to Trump — who once questioned whether Powell was a “bigger enemy” to the U.S. than China’s Xi Jinping — have suggested the Fed chief should simply resign.

Trump, who says he believes the president should have a say in monetary policy, has made no secret of his preference for low interest rates and will likely resume his previous habit of tweeting barbs at the Fed chief if he thinks borrowing costs are too high. He explored the question of whether he could fire Powell during his first term, a prospect that added to market turmoil at the time.

The Fed lowered rates again on Thursday, as expected, but the timing for future cuts is less clear — in part because Trump’s policies could alter the economy’s trajectory. Bond investors pushed up yields on Wednesday as they weighed the possibility that higher tariffs and fewer immigrant workers could stoke inflation.

Powell told reporters that Fed officials always take policies — both from the executive branch and Congress — into account if they affect the economy, but “we don’t know what the timing and substance of any policy changes will be,” he said. “We therefore don’t know what the effects on the economy would be.”