Despite inflation in some sectors remaining outside the Federal Reserve's benchmark of 2%, officials indicated they are pleased with the current easing of interest rates, and more gradual cuts may follow.

The last two Fed meetings resulted in rate cuts. Short-term CD rates have continued to lower, but some long-term CD rates are rising back up again.

Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."