Thrust is equal to mass flow rate times flow velocity, not power. Power is more complicated.
For starters, power is frame-dependent. In the frame of the rocket, we can only talk about power output in terms of work done on the exhaust. Naturally, that's half of the mass flow rate times the flow velocity squared. [itex]P = \frac{1}{2}\dot{m}v_p^2[/itex] Just like kinetic energy, but we are using mass flow rate instead of mass to get power output. This quantity, however, is pretty useless.
It is much more useful to talk about work being done on the rocket itself from a perspective of an external inertial frame. In this case, power of the rocket is thrust times rocket's velocity.
[tex]P = F_p v = \dot{m}v_p^2 ln\left(\frac{m_0}{m}\right)[/tex]
Here, [itex]m[/itex] is the current mass of the rocket, [itex]m_0[/itex] is initial mass, [itex]v_p = g I_{SP}[/itex] is exhaust velocity, and [itex]\dot{m}[/itex] is the mass flow rate.
The interesting bit here is that power obviously increases as the rocket speeds up. This is known as the Oberth Effect. Furthermore, once the rocket is really going, this power output can be significantly higher than available chemical energy of the fuel! How is this possible? Well, once the rocket is traveling at high speeds, fuel also has kinetic energy. So you get higher power output of the rocket engine by tapping into kinetic energy of the fuel you are burning, which, in turn, was built up by burning fuel when the rocket was going slow.