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.

Ahead of the opening bell, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying subscribers for goods, increased 0.2% month over month in October. Year over year, the headline PPI was up 2.4% – the quickest pace since July.

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

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

U.S. stock index futures fell on Friday after Federal Reserve Chair Jerome Powell said there was no need to reduce interest rates in a hurry, pushing up bond yields and pressuring rate-sensitive equities.

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.