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.

The Fed chair said the surprise half-point cut in the central bank’s policy rate earlier this month was a sign of confidence in the economy and labor market.