The Federal Reserve doesn’t need to rush to lower its benchmark interest rate, Fed Chair Jerome Powell said Thursday.

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.

Wall Street's main indexes closed lower on Thursday after Federal Reserve Chair Jerome Powell dampened investor hopes for another interest rate cut this year by saying the U.S. central bank need not rush to ease monetary policy.