Speaking at a meeting in Nashville, Tennessee, Fed Chair Jerome Powell noted that the committee will take its decision on interest rates meeting by meeting

Federal Reserve Chair Jerome Powell said yesterday that the central bank can continue to reduce interest rates, but the frequency and by how much will depend on the economic data.

Speaking at a meeting in Nashville, Tennessee, he noted that the committee would take its decision on interest rates meeting by meeting and said, “Looking forward, if the economy evolves broadly as expected, [the] policy will move over time toward a more neutral stance. But we are not on any preset course.”

Stocks fell after Powell’s speech, and Treasury yields rose.