02:40 PM EDT, 09/30/2024 (MT Newswires) -- Federal Reserve Chairman Jerome Powell said Monday that he could foresee two 25-basis-point rate cuts at the remaining two Federal Open Market Committee meetings this year if the economy evolves as expected.

Powell commented in response to a question at the National Association for Business Economic Annual Meeting, noting that expectations in the Summary of Economic Projections looked for a total of 100 basis points of rate reductions for this year.

After the decision to lower rates by an usually large 50-basis point cut at the Nov. 16-17 meeting, that would leave an additional 50 basis points of reduction. Some analysts and market participants have called for another 50-basis-point reduction in November, while others, including Fed Governor Michelle Bowman, have urged a more cautious approach.

However, Powell repeated that the FOMC will be able to see two monthly employment reports between now and the Nov. 6-7 FOMC meeting and that no judgement on policy will be made until the meeting.