The Fed chair made the remarks, his first public words since the FOMC’s November meeting, at an event with the Dallas Regional Chamber.

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.

In a speech on Thursday, Powell pointed to ongoing economic growth, a solid job market, and inflation above the Fed's 2% target as reasons the central bank can afford to be careful as they determine the pace and scope of rate cuts going forward.