An electric or hybrid electric vehicle includes a battery coupled to a traction motor and a DC-DC power converter for managing transient current demands of vehicle accessories such as an electrical power assisted steering (EPAS) motor or antilock braking system (ABS) with a controller coupled to the power converter that generates a first duty cycle signal to supply current at a first level for a first time period to accommodate transient current for an EPAS, ABS, or other short duration event, and a second duty cycle signal that limits the current to a second level lower than the first level for a second time period upon expiry of the first time period to manage temperature of the converter. The controller may also generate a duty cycle signal based on measured or estimated transistor temperature of the DC-DC converter to lower the current limit when transistor temperature exceeds a threshold.