Indexes slipped as traders zeroed in on remarks from Fed Chair Jerome Powell, who said the central bank is in no hurry to cut rates amid a strong economy.

The Fed has now cut interest rates twice this year, which should lead to a drop in auto loan rates. Car prices have also cooled slightly. The higher your credit score, the more affordable a new car might be.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.