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

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.

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.