Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project. “We take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people,

For a moment on Wednesday, it looked like President Donald Trump would finally attempt the improbable and fire Federal Reserve Chair Jerome Powell.

Futures for the S&P 500 were unchanged before the opening bell Thursday, while futures for the Dow Jones Industrial Average lost 0.2%.

Powell has made his intentions clear. He said earlier this year that he wouldn’t leave if Trump tried to fire him and that his removal is “not permitted by law.”

Trump’s comments capped a hectic few hours that took his pressure campaign against the Federal Reserve chief to a new level — and sent markets into a shortlived nosedive.

A Fed spokesperson had earlier pointed to Powell's repeated statements that he has no intention of resigning and would not if asked to do so.