WASHINGTON — Federal Reserve Chair Jerome Powell signaled Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a still-healthy economy.

His comments, at a conference of the National Association for Business Economics in Nashville, Tennessee, disappointed the hopes of many investors that the Fed would implement another steep half-point reduction in its key rate before the end of the year. The Fed cut its rate by a larger-than-usual half-point last month as it has moved past its inflation fight and pivoted toward supporting the job market.

“We’re looking at it as a process that will play out over some time,” Powell said at a Q&A session, referring to the Fed’s interest rate cuts, “not something that we need to go fast on. It’ll depend on the data, the speed at which we actually go.”

At their meeting Sept. 18, Fed officials reduced their rate to 4.8%, from a two-decade high of 5.3%, and penciled in two more quarter-point rate cuts in November and December. On Monday, Powell said that remains the most likely outcome: “If the economy performs as expected, that would mean two more cuts this year,” both by a quarter- point.

In prepared remarks, Powell said the U.S. economy and hiring are largely healthy and emphasized that the Fed is “recalibrating” its key interest rate, as opposed to cutting rapidly as it would in an emergency.

He also said the rate is headed “to a more neutral stance,” a level that doesn’t stimulate or hold back the economy. Fed officials have pegged the so-called neutral rate at around 3%, significantly below its current level.

Powell emphasized that the Fed’s current goal is to support a largely healthy economy and job market, rather than rescue a struggling economy or prevent a recession.

“Overall, the economy is in solid shape,” Powell said in written remarks. “We intend to use our tools to keep it there.”

Inflation, according to the Fed’s preferred measure, fell to just 2.2% in August, the government reported Friday.