The Federal Reserve doesn’t need to rush to lower its benchmark interest rate, Fed Chair Jerome Powell said Thursday.

Monetary policy could face crosswinds next year if President-elect Donald Trump fulfills his campaign promises to cut taxes, restrain immigration and deploy tariffs. Policy uncertainty may also be contributing to the Fed’s more inertial attitude toward lowering rates right now.

Swaps traders lowered the chance to less than 60% that the central bank reduces rates at their two-day gathering that wraps on Dec. 18 — from roughly 80% a day earlier.

Wall Street's main indexes closed lower on Thursday after Federal Reserve Chair Jerome Powell dampened investors' hopes for another interest rate cut this year by saying the U.S. central bank need not rush to ease monetary policy.