The U.S. Federal Reserve has sent a “very strong signal” that it’s ready to consider cutting interest rates, according to a former Fed governor.

Sarah Bloom Raskin, who sat on the Fed board from 2010 to 2014, offered that analysis in light of Chairman Jerome Powell’s recent speech in which he said the central bank “will act as appropriate to sustain the expansion.”

“I think Chairman Powell has given a message to markets that’s indicating that a rate cut is coming. This is, in essence, a very strong signal that the FOMC is actually ready to talk about cutting rates,” Raskin told.

The Federal Open Market Committee (FOMC) is scheduled to next meet on June 18-19 to decide on interest rates.

Investors have been predicting that the Fed would cut interest rates, even though the central bank had earlier indicated it expected to hold monetary policy steady throughout the year.