The Federal Reserve’s two recent interest-rate cuts were appropriate as a mid-cycle adjustment of monetary policy and leave the central bank in a good spot going forward, Chicago Fed President Charles Evans said.

“I think we’re pretty well positioned now to see how things play out from here,” Evans said Wednesday during a talk in Lake Forest, Illinois.

Fed officials have reversed course this year following three years of tightening between 2015 and 2018, faced by slowing global growth, trade policy uncertainty and muted inflation. They voted to cut their benchmark overnight rate in July for the first time in a decade, and followed it up with another reduction on Sept. 18.

Evans said the U.S. economy is still strong and the outlook is positive, thanks to solid consumer spending. But he added that business investment has been weak and several international risks, including Brexit negotiations in the U.K. and a slowing Chinese economy, are tempering enthusiasm in financial markets.

“Fundamentals are good,” he said. “This could continue, but there is that uncertainty and perhaps fragility.”