Federal Reserve Chair Jerome Powell said at an event that policymakers aren't in a rush to reach a "neutral" level for interest rates and will respond to economic data as it comes in.

At the same time, he said, the economy is strong, and the policymakers can take time to monitor the path of inflation.

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.