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.

Stocks moved lower after Federal Reserve Chair Jerome Powell said the central bank is in 'no hurry' on rate cuts.

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.

Speaking in Dallas, Powell noted the economy’s resilience, stating there’s “no hurry to lower rates.” The Fed had previously reduced rates by 50 and 25 basis points in September and November, but market odds of a December cut have now dropped to 59%.

Federal Reserve Chair Jerome Powell said the recent performance of the US economy has been “remarkably good,” giving central bankers room to lower interest rates at a careful pace.

Powell says the Fed is not in any 'hurry' to lower interest rates:: Jerome Powell, Federal Reserve Chair"The labor market remains in solid condition. Inflation has eased substantially from its peak, and we believe it is on a sustainable path to our 2% goal.

Federal Reserve Chair Jerome Powell announced on Thursday that the U.S. central bank does not feel pressured to hastily reduce interest rates, given the countrys solid economic growth, a resilient job market,