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 wait is on for fresh consumer inflation data as investors weigh whether a Donald Trump White House would whip up price pressures.

Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said Thursday in Dallas.

Federal Reserve Chair Jerome Powell said Thursday that the economy is in a good place, with inflation on a sustainable path back to the central bank’s 2% target, and that he expects inflation to continue to come down on a “sometimes bumpy” path.

Ongoing economic growth, a solid job market, and inflation that remains above the 2% target means the U.S. central bank does not need to rush to lower interest rates and can deliberate carefully, Federal Reserve Chair Jerome Powell said on Thursday.

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.

The U.S. economy is in strong shape, Federal Reserve chair Jerome Powell said Thursday, which means the central bank can move carefully as it cuts interest rates. Why it matters: The direction of Fed policy is clear — the central bank is likely to cut interest rates further — but Powell's remarks indicate that it is uncertain how fast and how far those rate reductions will be.

"The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," Powell said.