Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a

Powell said the economy is largely healthy and the Fed is “recalibrating” its key interest rate, not rapidly cutting it. Interest rates influence mortgage rates.

GDI is an alternate measure of economic growth, similar to gross domestic product, but with income rather than output as the yardstick. A gap between the two led Fed officials to worry that output might be weaker than thought, but the two converged when the estimate of GDI was increased.