Traders reduced their expectations for a December Federal Reserve rate cut, with odds dropping to 62.4% from 72.2% a day earlier, according to the CME FedWatch tool. This comes despite Fed Chair Jerome Powell reiterating Thursday in Dallas that there’s no rush to lower rates — a stance consistent with earlier messages.

A strong economy is giving Federal Reserve officials room to move “carefully” as they lower interest rates, the central bank chair said.

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.