Federal Reserve Chairman Jerome Powell said Thursday that he would not step down from his position if President-elect Donald Trump asked for his resignation. When asked by reporters if he would resign per Trump’s request, Powell simply said: “No.”

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.

Investors will be closing watching the president-elect's contentious relationship with the Fed chair. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough.