Jerome H. Powell, chair of the Federal Reserve, said that central bankers will lower rates as much as needed, but have forecast two more quarter-point rate cuts this year.

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.

Powell said two more rate cuts are possible if the economy continues to perform as expected, though they are likely to not be as aggressive as the cut two weeks ago.