Fed Chair Powell: 'The Law Is Clear,' Trump Can't Fire Me

During that period, the U.S. saw its best economic gains in a recovery that began in mid-2009. GDP rose nearly 3 percent for the year, though most economists see that cooling off in the years ahead.

In that regard, Powell reiterated the Fed's recently stated position that it can be patient when it comes to the future path of the policy as it watches the incoming data. Friday's nonfarms payrolls report indicated a gain of just 20,000, helping to ratify concerns that the first quarter will show little, if any, economic growth.

Powell said that the Fed, while likely on hold for a while, will be making its policy decisions based on the data and not on political considerations.

"We are directed to execute policy in a strictly nonpolitical way, serving all Americans, and that's what we do," he said. "We are independent in that sense."

Powell told "60 Minutes" anchor Scott Pelley that he thinks the economy is still strong, though he acknowledged that weakness around the world could start to hit the U.S.

"I would say there's no reason why this economy cannot continue to expand," he said.