President-elect Donald Trump has sent mixed signals about whether he intends to fire or demote Fed Chair Jerome Powell. But Powell himself said he won’t be going anywhere, even if Trump asks him to.

Former Federal Reserve Bank of Richmond President Jeffrey Lacker joins Morning Brief to break down the legality and politics surrounding Powell’s tenure.

Lacker explained that while Powell can’t be fired before his term ends in 2026, the new president can install someone else as chair by filling a vacant seat, if Powell remains on the Fed’s board after 2026.

Historically, presidents have avoided influencing the Fed’s decision-making on interest rates, Lacker tells Brad Smith. While there have been discussions under the Trump administration about having the Fed chair come to the White House before announcing interest rates, Lacker said it would be a “radical idea that would have a chilling effect.”

“I think that the president would find that for the markets, confidence in economic policymaking, it's better if he left the Fed alone,” Lacker said.

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This post was written by Cindy Mizaku.