Powell expressed confidence that inflation will continue its downward trend towards the Federal Reserve’s 2 percent target. He added that current economic conditions “set the table” for further easing of price pressures.

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 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.