Federal Reserve Chair Jerome Powell said Monday the central bank intends to do what it takes to keep the economy "in solid shape," but that it is no rush and likely to cut interest rates in smaller increments going forward.

"This is not a committee that wants to cut rates quickly," Powell said during a question and answer session following a speech in Nashville, Tenn., referring to the Fed body that decides on the direction of rates.

If the economy slows more than expected, however, that committee can cut faster, he noted.

"We will do what it takes in terms of the speed with which we move."

Powell’s new comments before the National Association for Business Economics come nearly two weeks after the central bank slashed its benchmark interest rate by 50 basis points at its last policy meeting on Sept. 18, marking the first rate cut in more than four years.

The consensus among Fed officials outlined at that meeting is for two more 25 basis point rate cuts in 2024.

Powell referenced that estimate and emphasized that the prediction from policy makers "wouldn't mean more fifties" in 2024.

Powell on Monday reiterated a point he made immediately following the Sept. 18 meeting, saying the Fed’s decision to slash rates by 50 basis points instead of 25 reflected growing confidence that officials can maintain strength in the job market and the economy while inflation continues to drop.

"We have made a good deal of progress toward that outcome," he added Monday.

Powell noted that inflation’s drop has been broad-based, and recent data indicate further progress toward a sustained return to the Fed’s 2% goal. The Fed, he said, does not need to see further cooling in the job market to achieve 2% inflation.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

With inflation seemingly on track, Powell and many of his colleagues are now fully focused on the job market.

While the central bank chair acknowledged the job market has cooled, Powell characterized it as “solid” and noted that layoffs are low, the unemployment rate is within a range of what’s considered full employment, and the labor force participation rate of individuals aged 25 to 54 — so-called prime-age workers — is near a historic high.

If the jobs report due out Friday shows more weakening, that could cause the central bank to consider cutting rates more deeply at the next meeting in November.

"Overall, the economy is in solid shape; we intend to use our tools to keep it there," Powell said Monday.