"Risks to inflation are tilted to the upside, and risks to employment are to the downside — a challenging situation," Powell said in his speech.

Chevron CEO Mike Wirth said the "genuine hope to transition to a carbon free economy very rapidly" made people forget "why the energy system we have today is in place."

The conference comes as the Trump administration pushes for a complete overhaul at the Fed, both of its policy decisions as well as its policymakers.