Federal Reserve Chairman Jerome Powell seemingly shrugged off hotter-then-expected inflation data, saying the data points "haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road towards 2%."

In the video above, Yahoo Finance Federal Reserve Reporter Jennifer Schonberger recaps some of the top takeaways from Powell's press conference.

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Editor's note: This article was written by Stephanie Mikulich.

Video Transcript

JULIE HYMAN: Well, we've just heard from Jay Powell confirming that the Federal Reserve is holding rates for an eighth straight month. Our own Jennifer Schonberger was in the room. Of course, she got a question there. And brought up the rear here and joining us live from Washington. So what was your impression there from being in the room, from seeing Jay Powell in person? And as you've had a few minutes, at least, to digest what you heard.

JENNIFER SCHONBERGER: This just a couple of minutes there, Julie. Yeah. I thought it was very interesting that Chair Powell and the Fed don't really seem to be fazed all that much by the hotter inflation data that we saw in the first two months of this year. He says it really doesn't change the overall inflation picture for the Fed all that much. Now does it inspire greater confidence? No. Not exactly. Take a listen to what he said.

JEROME POWELL: We have at currently well below 30 basis points core PCE, which is not terribly high. So it's not the January number. But I take the two of them together. And I think they haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward 2%. I don't think that story has changed, I also don't think that those readings added to anyone's confidence that we're moving closer to that point.

JENNIFER SCHONBERGER: And now Powell would not show his hand on the timing for the potential first rate cut and whether June, may be even pushed back. When asked about that, he just said decisions are going to be made on a meeting by meeting basis. Though I thought it was interesting because the chairman used language that he's been using all year to categorize timing saying that it would be appropriate at some point this year to begin dialing back policy restraint.

He didn't shift to using language like later this year, that some of his colleagues have chosen to use. So that indicates to me that June is still very much in play if the inflation data softens some more from here and continue following as they have when it comes to core PCE on a month over month basis. Now on the balance sheet, the chairman said that the members of the committee did have a discussion on this.