After commentary from Federal Reserve Chair Jerome Powell signaling rate cuts are coming, many on Wall Street are discussing how it will impact the current US economy. Many, including Chair Powell, believe it will be necessary to continue to watch data closely to make any further decisions.

White House Council of Economic Advisers Chair Jared Bernstein sits down with Yahoo Finance Reporter Jennifer Schonberger to share how he is viewing the economy currently.

Bernstein argues the US economy "is in a good place," adding that the job market is "solid" and consumer spending is "continuing to help generate a really durable and reliable expansion." Despite some economic data cooling, Bernstein thinks the economy is starting to normalize.

When asked about the labor market, Bernstein admits, "It is absolutely the case that the last jobs report came in weaker than expected, but any month can jump around, can be volatile," bit that the market is overall still doing well.

On inflation, Bernstein says it "continues to be on an easing trend... we think that it's probably going to continue to ease throughout the rest of the year."

Watch Federal Reserve Chair Jerome Powell's full speech here.

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This post was written by Nicholas Jacobino