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President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC.
Drew Angerer | Getty Images
Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.
Investors will be closing watching the president-elect's contentious relationship with the Fed chair. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough.
Trump said in October interview that the president should be able to weigh in on interest rate decisions.
"I don't think I should be allowed to order it, but I think I have the right to put in comments as to whether the interest rates should go up or down," Trump told Bloomberg News at the Chicago Economic Club Oct. 15.
As Covid-19 swept the nation in March 2020, Trump claimed the authority to remove Powell from office. The Fed chair's term ends in 2026.
