Federal Reserve Chairman Jerome Powell said Wednesday that despite reports that President Donald Trump was looking to demote or fire him, he doesn't plan on leaving the central bank anytime soon.

"I think the law is clear that I have a four-year term, and I fully intend to serve it," Powell said at a news conference in Washington.

Asked later at the event when it might be appropriate to publicly address Trump's criticism, Powell said he doesn't "discuss elected officials publicly or privately."

"At the Fed, we're deeply committed to carrying out our mission and also that our independence from direct political control we see as an important institutional feature that has served both the economy and the country well," he said.

Powell's comments came a day after reports that the White House had explored the possibility of "legally demoting" the Fed chief after the central bank tightened monetary policy.

Asked by reporters Tuesday if he still wanted to relegate Powell, Trump told reporters, "Let's see what he does." The president has bemoaned Fed policy for undermining his aggressive trade negotiation tactics with China as well as for dampening GDP and the financial market outlook.

Trump said last week that both the economy and stock market could be doing better "if we had somebody different" in charge of the central bank.