“We don’t engage,” Powell said. “We don’t, you know — our argument is [we're] doing our jobs. The Fed chair's remarks come on the heels of its meeting earlier this month, in which the Fed announced it was slightly reducing interest rates by a quarter of a percentage point. Powell has refused on multiple occasions to resign from his position as Fed chair, which expires in May of 2026. He's expected to appoint a loyalist to the chair role after Powell's term ends next year.