Federal Reserve Chairman Jerome Powell, reiterating that most central bankers still see two rate rises happening this year, did not rule out more rate hike action at the central bank’s next meeting, in comments on Wednesday.

“We’ve come a long way” with rate rises, Powell said at a European Central Bank conference, and that holding off on a rate rise earlier this month was a move to take stock of how the rate hike campaign is affecting the economy. But while the Fed has not decided about the tactics of future rate rises, “I wouldn’t take moving in consecutive meetings off the table at all,” he said.

The next rate setting Federal Open Market Committee meeting is scheduled for July 25-26.

Powell drove home that regardless of what the cadence of future policy actions might be, “the committee clearly believes there’s more work to do” with tightening monetary policy to bring down inflation pressures.

Powell also said a recession in the US is not the most likely scenario, but it’s “certainly possible.”

“The least unlikely case is that we do find our way to better balance without a really severe downturn,” Powell said.

But there is also “a significant probability there will be a downturn,” he said, adding that the US economy has been quite resilient.