It was their first meeting after months in which Trump lambasted the central bank for raising interest rates and, in the president's view, endangering the economy's growth.
Treasury Secretary Steven Mnuchin and Vice chair Richard Clarida were also at the dinner.
The hour-and-a-half steak dinner, a possible opportunity for the two men to reset their relationship, covered a variety of economic topics, the Fed said in a statement, but did not delve into expectations of future monetary policy decisions, according to Reuters.
Last week, the Fed said that further rate hikes were on hold for now - a step Powell and others said was based on recent economic developments, not the president's public tirades against the Fed.
Recent presidents have largely steered clear of directly criticizing the Fed.
Powell's comments in this setting were consistent with his remarks at his press conference of last week.
He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
Powell said that he and his colleagues on the FOMC will set monetary policy in order to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis.