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"Of course, I would not do that," said Powell, named by Trump.
"I can not hear you," said Waters in response to which the audience room burst out laughing.
"The answer would be," No, "said Powell.
Waters pressed further, asking, "Do you believe the president does not have authority?"
He replied, "What I have said is that the law gives me a four-year term and I have every intention of serving it."
Trump has openly called for lower interest rates, saying the Fed had dampened the US economy with rising interest rates last year. These measures have been taken to combat inflation and give policy makers a better cushion in the event of a recession, standard measures given the continuing strength of the US labor market.
"It seems that the uncertainties surrounding trade tensions and worries about the strength of the global economy continue to weigh on the US economic outlook," Powell said in his prepared remarks.
More recently, Trump has explicitly refused to rule out the possibility of demoting Powell.
Trump appointed Powell, an investment banker, in late 2017 to succeed Janet Yellen as chairman of the Fed, the world's most powerful central bank.
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