(CNN) – More interest rate cuts are likely, according to Federal Reserve Chairman Jerome Powell.

Powell suggested the cuts might not be much lower in the next few months.

Power said more rate cuts were likely on the way as current trends and dynamics in the economy were expected to remain in place, at least in the near term.

This includes the slowdown in the labor market and the decline in inflation facilitated by rates that are still at restrictively high levels.

Keeping borrowing costs at their current high rate could lead to increased unemployment.