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The Federal Reserve cut interest rates by 25 basis points – or 0.25% – on Thursday after President Trump’s landslide victory.

The latest rate cut comes after the Fed slashed rates 50 basis points in September.

The benchmark rate is between 4.5% to 4.75%

Fed Chairman Jerome Powell told reporters on Thursday that he will not resign his position if Trump asks him to step down.

“If [Trump] asked you to leave, would you go?” a reporter asked Fed Chair Powell.

“No,” Powell said.

“Do you think that legally you’re not required to leave?” the reporter asked Powell in a follow-up question.

“No,” Powell said.

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CNBC reported:

The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to rightsize monetary policy.

In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%. The rate sets what banks charge each other for overnight lending but often influences consumer debt instruments such as mortgages, credit cards and auto loans.

Markets had widely expected the move, which was telegraphed both at the September meeting and in follow-up remarks from policymakers since then. The vote was unanimous, unlike the previous move that saw the first “no” vote from a Fed governor since 2005. This time, Governor Michelle Bowman went along with the decision.

Federal Reserve Chairman Jerome Powell spoke after the Fed slashed rates by 25 basis points on Thursday.

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