US equities slumped Friday morning as Wall Street pulled back rate-cut expectations for December. The scaling-back started on Thursday afternoon after Federal Reserve Chair Jerome

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.

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 on Thursday the U.S. central bank has time before it needs to adapt its policymaking thinking due to the return of President-elect Donald Trump to the White House.

Fed Chair Powell was pressed about how the central bank will alter its policy in the wake of President-elect Donald Trump's victory last week. Economists think that Trump's proposals during the campaign,

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

Ongoing economic growth, a solid job market, and inflation that remains above the 2% target means the U.S. central bank does not need to rush to lower interest rates and can deliberate carefully, Federal Reserve Chair Jerome Powell said on Thursday.

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.