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.

Global stock markets ended the week on a sour note Friday as traders mulled Federal Reserve Chair Jerome Powell's comments that the US central bank was not on a preset path to cut interest rates. While the US central bank is expected to cut interest rates again next month,

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.

Stocks finished lower on Thursday, with another afternoon selloff tied to a jump in Treasury bond yields, this time linked to hawkish comments from Fed Chair Jerome Powell. Speaki

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