Federal Reserve Chair Jerome Powell said the central bank will lower interest rates “over time,” while again emphasizing that the overall US economy remains on solid footing.

By Howard Schneider NASHVILLE, Tennessee (Reuters) -Federal Reserve Chair Jerome Powell indicated on Monday the U.S. central bank would likely stick with quarter-percentage-point interest rate cuts moving forward and was not "in a hurry" after new data boosted confidence in ongoing economic growth and consumer spending.

Federal Reserve Chair Jerome Powell says the economy is in solid shape. “We intend to use our tools to keep it there,” he adds.

Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive, in fact indicating the next moves will be smaller.

The dollar rose on Monday after Federal Reserve Chair Jerome Powell adopted a more hawkish tone on the economy, leading traders to pare bets that the U.S. central bank will cut rates by 50 basis points again at its next meeting.