More rate cuts could be coming soon

(CNN)– More interest rate cuts are likely, that is according to Federal Reserve Chair Jerome Powell.

Powell suggested the cuts might not be that much lower over the next few months.

Power said more rate cuts are likely underway because the economy’s current trends and dynamics are expected to remain in place, at least in the short run.

That includes a slowing job market and cooling inflation facilitated by rates that are still at restrictively high levels.

Holding borrowing costs at their current elevated rate could push up unemployment.