Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline, though their size and speed will 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.

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.

Federal Reserve Chair Jerome Powell said the central bank will lower interest rates “over time,” while again emphasizing that the overall economy remains on solid footing.