Are we in a period of stagflation?

At his usual post-Federal Reserve policy meeting press conference, Chairman Jerome Powell was asked if the U.S. was in a period of stagflation after the decision to hold interest rates steady again. He said no and took time to explain the many reasons why he thinks that is the case.

Host Peter O'Dowd talks with Jill Schlesinger, CBS News business analyst and host of "Jill on Money," about whether Powell is right, and what stagflation even means.