02:14 PM EDT, 09/30/2024 (MT Newswires) -- Monetary policy moves will be made on a meeting-by-meeting basis without any defined roadmap for how rate cuts will progress, Federal Reserve Chair Jerome Powell said Monday in prepared remarks at the National Association for Business Economics Annual Meeting, echoing comment that he made following the Sept. 17-18 FOMC meeting.

Powel is taking questions after his speech.

"As I mentioned, our decision to reduce our policy rate by 50 basis points reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate economic growth and inflation moving sustainably down to 2%," Powell said.

Further rate cuts are likely, but the path of rate reduction is unclear.

"Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance," Powell said. "But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting."

Powell added that the Fed is prepared to insure there is cash available in the hurricane-impacted areas to facilitate transactions.