Of the many targets Donald Trump hammered on the campaign trail, two of his favorites were financial regulations and Federal Reserve chair Janet Yellen. The former, he told voters, “has made it impossible for bankers to function,“ and pledged to roll back much of Dodd-Frank. The latter, he said, should be “ashamed” of herself for keeping interest rates low, which he claimed was all part of scheme to boost the Obama economy. Of course, once Trump actually moved into the White House, his view of Yellen’s dovish, pro-growth policies flipped. And who could blame him? (“I do like a low-interest-rate policy, I must be honest with you,” he admitted in April.) Renominating Yellen, whose term expires in February, would be one way to ensure the gravy train keeps on rolling.

Unfortunately, as Yellen signaled to the president on Friday—in the subtle, coded language in which all Fed chairs telegraph their intentions—that if he wants those sweet, sweet low interest rates, he’ll have to accept more banking regulations, too. While a slightly less scrupulous Fed chair might have tried to save her job by pandering to the president and signaling maybe she’d help him do “a big number” on Dodd-Frank, Yellen has sent a message that she will not be doing his bidding. And if she loses her job, than so be it. Per Bloomberg:

By broadly defending the sweeping financial rules put in place in the past decade, Federal Reserve Chair Janet Yellen distanced herself on Friday from the anti-regulatory rhetoric of the man who will decide whether to replace her, President Donald Trump. Yellen . . . used the high-profile setting of the central bank’s annual symposium in Jackson Hole, Wyoming, to argue that the raft of post-crisis regulations had made the financial system safer without unduly hurting the economy. Any rollback of those rules should be “modest,” Yellen said.

In a 19-page presentation, Yellen not only noted that many of the changes dictated by Dodd-Frank have made the financial system safer, but that claims that the rules have impeded lending is, in Fed-speak, total B.S.: “The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth.”

That certainly seems to boost the likelihood that White House economic adviser Gary Cohn, who is currently in trouble with Trump’s base, will get the nod. (The former Goldman Sachs president has said “we’re going to attack all aspects of Dodd-Frank”—music to the ears of a guy who has complained his friends with very nice business have supposedly been unable to borrow money as a result of horribly unfair financial regulations.) Yellen, for her part, isn’t doing any pandering. “She seems to be sending a message that if Trump is interested in renominating her, he needs to know that he’s going to get someone who doesn’t buy into Trump-world’s view of financial regulation,” Capital Alpha Partners analyst Ian Katz told Bloomberg. “In other words, ‘If you want me, this is what you get.”’