Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline, though their size and speed would depend on the evolution of the economy.

Wall Street investors and economists are weighing whether the Fed will follow its larger-than-usual half-point cut made earlier this month with another hefty reduction at either of its upcoming meetings in November or December. At their meeting Sept. 18, Fed officials penciled in two more quarter-point rate cuts at those final meetings this year.

In remarks before the National Association for Business Economics in Nashville, Tennessee, Powell said the U.S. economy and hiring are largely healthy and emphasized that the Fed is “recalibrating” its key interest rate, which is now at about 4.8%.

He also said the rate is headed “to a more neutral stance,” a level that doesn't stimulate or hold back the economy. Fed officials have pegged the so-called “neutral rate” at about 3%, significantly below its current level.

Powell emphasized that the Fed's current goal is to support a largely healthy economy and job market, rather than rescue a struggling economy or prevent a recession.

“Overall, the economy is in solid shape,” Powell said in written remarks. “We intend to use our tools to keep it there.”