Federal Reserve Chair Jerome Powell on Thursday declined to say whether he would remain at the U.S. central bank as a board member after his term as chief expires in May 2026. Powell, asked at an event in Dallas whether he would consider being the first Fed chair in more than seven decades to remain on the Fed board after no longer serving as its leader,

A strong economy is giving Federal Reserve officials room to move “carefully” as they lower interest rates, the central bank chair said.

While speaking in Dallas on Thursday, Powell said economic growth will allow the Fed to tread carefully before making any rate cuts.

Jerome Powell was prepared to go to court when the president floated his dismissal six years ago. If it happens again, the Fed chair might have to pay the legal tab himself.

Jerome Powell has made it clear that if President Donald Trump attempts to fire him, he’ll sue. He’s said it once, he’s said it a hundred times: The Federal Reserve’s chair can’t be tossed out simply because the Oval doesn’t like interest rate policy.

Many economists are already scaling back their expectations for the number and pace of Federal Reserve rate cuts next year on account of policies expected from a new Trump administration.