Powell says he would reject any Trump request to resign

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WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says he will not resign if asked to do so by President Donald Trump.

Powell also says the central bank intends to be flexible going forward in determining when to hike its key policy rate. He also says that the Fed could alter its approach to trimming its huge balance sheet if it determines such a change is needed.

Powell's comments, made during a panel discussion in Atlanta, were immediately cheered by financial markets, which were already rallying on the basis of a strong unemployment report that showed 312,000 jobs were created in December.