Reporters asked Jerome Powell whether he'd resign if President-elect Donald Trump asked him to.Powell responded with one word: "No."Trump has been critical of Powell, but a president can't legally fire a Fed official without cause.

Fortunately, there’s a clear way for him to mitigate that damage and start his term on the right foot with bond markets: He should declare his full faith in Federal Reserve Chair Jerome Powell, whose term runs until May 2026, and pledge to hold his tongue on matters of monetary policy.