FOMC cuts rates by a quarter point; Powell said he would refuse to resign if Trump asked to do so.

The Federal Reserve cut interest rates by a quarter percentage point on Thursday, maintaining flexibility as officials grapple with a cooling labor market and lower inflation.

Tuesday’s election did not change the course of the Federal Open Market Committee’s policy, with officials continuing to cut rates as expected before the vote. The latest decision means the target range for the federal funds rate is now 4.5% to 4.75%.

The 25 basis points cut came after Fed officials cut rates by an aggressive 50 basis points at their previous meeting in September.

In the weeks since the September meeting, a number of policymakers have stressed that a half-percentage cut would not be the norm, noting that the pace of the rollback of high interest rates introduced by the bank to fight inflation would have to be “gradual.”

It was the first FOMC meeting since former President Donald Trump won the election. Politicians have repeatedly said that the Fed is apolitical and that their calls for interest rates are driven by economic conditions.