Federal Reserve Chair Jerome Powell on Monday said the U.S. economy is in "solid shape" and that more interest rate cuts can continue if the economy continues to evolve as expected.

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy.

Federal Reserve Chair Jerome Powell said the central bank was focused on bringing rates down to a level that neither spurs nor slows economic activity, though he didn’t say that necessarily needed to occur hastily.