Last year, Trump suggested the U.S. president should have "at least" a say over setting interest rates, something that would end the Fed’s independence, though Powell has vowed to serve out his term, which is due to end in 2026, and Trump has said he doesn’t plan on attempting to fire Powell.

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.