Warren Buffett said he does not think that the present economic conditions with regard to fiscal and monetary policy can co-exist with "really low inflation rates" over time.

"I don't think our present conditions can exist in terms of fiscal and monetary policy and various other elements of the political landscape; I don't think they can co-exist with really low inflation rates over time," Buffett told CNBC in an interview.

"But I have been wrong on that for some time," Buffett said, adding he thinks there is nobody better to run the U.S. Federal Reserve than Chairman Jerome Powell.