Federal Reserve Chairman Jerome Powell said he would not step down from his role if President-elect Donald Trump asked him to do so.

Powell, who was nominated by Trump to lead the central bank, butted heads with the former president during his first term. Trump has reportedly had private conversations about whether he has the authority to fire Powell, who was renominated by President Joe Biden.

Powell was asked Thursday whether he would resign the chairmanship if asked by Trump.

“No,” Powell said flatly in response to the question, declining to elaborate further on the matter.

Later in the news conference, another reporter asked whether he thinks the president has the legal authority to intervene in the Fed by firing him or demoting him.

“Not permitted under the law,” Powell responded.

Trump is set to inherit an economy that has a relatively strong labor market but also shows signs of slowing. Economic output has also been strong, and while inflation is falling, there is still some lingering stickiness.

After a two-day meeting of its monetary policy committee in Washington, D.C., the Fed announced on Thursday that it is cutting interest rate target by a quarter of a percentage point.

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Powell was known for standing up for the Fed’s independence during Trump’s first term, winning him support from some Democrats.

While in office, Trump was known for being critical of Fed policy and hit the central bank for raising interest rates too quickly. At the time, Powell also said that he didn’t believe that Trump had the authority to fire him.