Powell brushed aside an idea floated by recently-confirmed Federal Reserve Gov. Miran that the Fed should consider moderate long-term interest rates as a "third mandate" of the central bank's monetary policy. 

During his confirmation hearing, Miran said that he considers moderate long-term interest rates as an additional item that the central bank should be mindful of when making its monetary decisions.

However, Powell noted the Fed hasn't entertained the idea of treating long-term price stability as a policy-setting priority in itself, saying that achieving the existing dual mandate tends to result in moderate long-term interest rates.  

"We always think of it as the dual mandate — maximum employment and price stability — for a long time, because we think moderate long-term interest rates are something that will result from low and stable inflation and maximum employment," Powell said. "We haven't thought of that for a very long time as a third mandate [because] that requires independent action, so that's where that is."

"As far as I'm concerned there's no thought of considering that we somehow incorporate that in a different way," Powell added.