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 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.

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.