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 officials want to see where it heads next.

Jerome Powell backed a gradual approach to lowering interest rates, saying the US central bank does not need to be “in a hurry” during a strong economy and a “bumpy” path down for inflation.

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.