Powell signals readiness to defy Trump for Fed

US central bank delivered a quarter-point rate cut on Thursday

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Federal Reserve Chair Jerome Powell made clear he's ready to defend the US central bank from political pressure following the re-election of Donald Trump, saying he wouldn't resign if asked and insisting the incoming president doesn't have the power to fire him or other senior Fed leaders.

"No," Powell said firmly on Thursday, when asked whether he would step aside if Trump asked for his resignation.

During a press conference following the Fed's two-day policy meeting, Powell said repeatedly that Trump, who explored firing the Fed chief during his first term in the White House, lacks the legal authority to demote or remove the chair or other senior Fed officials in Washington.