Federal Reserve Chair Jerome Powell said the 50-basis-point cut in the central bank’s policy rate earlier this month was a sign of confidence in the economy and the labor market.

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.

By Howard Schneider NASHVILLE, Tennessee (Reuters) -Federal Reserve Chair Jerome Powell indicated on Monday the U.S. central bank would likely stick with quarter-percentage-point interest rate cuts moving forward and was not "in a hurry" after new data boosted confidence in ongoing economic growth and consumer spending.