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.

Chair Jerome Powell says 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.

Federal Reserve Chair Jerome Powell indicated Thursday the remarkable strength of the U.S. economy is not sending any signals that policymakers “need to be in a hurry to lower rates.” Powell’s remarks came at an event organized by the Dallas Regional Chamber on Thursday,