Powell said he will remain on the Fed’s board after his term as chair ends for an unspecified period.

"I will leave when I think it is appropriate to do so," Powell said Wednesday during the press conference following the Federal Reserve's decision to leave interest rates unchanged at 3.6%.

He also said he would not interfere with the work of presumptive successor Kevin Warsh and would not serve as a "shadow chair."

Powell added that “inflation hasn’t peaked yet” and said the Fed will consider headline inflation, including the impact of oil and gas developments in the Middle East.

He added that the labor market is not currently stoking elevated prices.

The Fed Chair said a number of officials are worried ‌about cutting ​interest rates, amid an unusually fractious ⁠vote at the latest ​monetary policy meeting that ⁠left interest rates steady.

With a number of Fed officials ‌voting against ​what they saw as ‌the Fed retaining ‌a bias to cut interest rates, Powell said it was “easy ‌to see why” given the inflation data that some ‌would ​be ‌worried about additional rate cuts right now.

Powell continued to say that despite ‌dissenting ​votes at the latest monetary policy ⁠meeting against ​holding onto an interest rate ⁠easing bias, he does not believe ‌officials are leaning ​toward hiking interest ‌rates.

In terms ‌of the dissents, “people are not saying ⁠we need ‌to hike ⁠now, it's more ⁠a ⁠question" of whether ‌or not the Fed should have a ‌neutral ​bias on ‌the policy outlook

Reuters contributed to this report.