Chair Jerome Powell said Thursday that 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.

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.

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.

Retail sales, plus another inflation report, are this week's main remaining economic data releases. Plus, Federal Reserve Chair Jerome Powell is set to speak on the economic outlook, and there are a few earnings still on the slate.

The Dow Jones rose Thursday morning after key inflation data and ahead of Fed Chair Powell's speech. Disney soared on earnings.