Following the Federal Reserve's decision to lower interest rates by a quarter point last week, Fed Chair Jerome Powell said in remarks on Thursday that the central bank does not "need to be in a hurry to lower rates" due to the strength of the economy.

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said during an event in Dallas, Texas. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."

Powell's comments on the outlook for rates came as he described the U.S. economy's performance as "remarkably good," noting the labor market remains in solid condition but is no longer a source of significant inflationary pressures.

The Fed chief noted the labor market cooling and the substantial improvement in broader supply conditions have brought inflation down toward the central bank's target of 2 percent over the longer run.

Powell noted the progress toward the inflation target allowed the Fed to lower rates by 25 basis points last week after cutting rates by 50 basis points in September.

"We are confident that with an appropriate recalibration of our policy stance, strength in the economy and the labor market can be maintained, with inflation moving sustainably down to 2 percent," he said.

Powell said the Fed is attentive to risks to both its employment and inflation goals, noting cutting rates too quickly could hinder progress on inflation but cutting rates too slowly could unduly weaken economic activity and employment.

"We are moving policy over time to a more neutral setting. But the path for getting there is not preset," Powell said. "Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve."

The Fed's next monetary policy meeting is scheduled for December 17-18, with CME Group's FedWatch Tool currently indicating a 67.3 percent chance the central bank lowers rates by another quarter point.

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