The U.S. economy seems poised for a continued slowdown in inflation that will allow the Federal Reserve to cut its benchmark interest rate and "over time" reach a level that is no longer holding back activity,

In remarks before the National Association for Business Economics in Nashville, Tennessee, Powell said the U.S. economy and hiring are largely healthy and emphasized that the Fed is "recalibrating" its key interest rate, which is now at about 4.8%.

During comments before the National Association for Business Economics in Nashville, Tennessee, Powell characterized the economy and hiring as healthy while noting that the Fed is