The stock market rally takes a breather. Now it’s at the mercy of the bond market as investors weigh Donald Trump’s economic plans and what they mean for interest rates.

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.

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.