Stocks moved lower after Federal Reserve Chair Jerome Powell said the central bank is in 'no hurry' on rate cuts.

The yield has risen 73.6 basis points over the past seven weeks, according to Dow Jones Market Data. On Friday, traders were considering whether the U.S. is moving into a period of higher-for-even-longer interest rates, fueled by continued economic strength and potential inflationary pressures.

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.

A gauge of global stocks was set for its biggest weekly drop in two months and the 10-year U.S. Treasury yield hit its highest level in 5-1/2 months on Friday as economic data and comments from Federal Reserve officials suggested a slower pace of interest-rate cuts ahead.

"The economy is not sending any signals that we need to be in a hurry to lower rates," he said, calling the US economy's recent performance "by far the best of any major economy i

Also impacting rate-cut expectations is a streak of encouraging economic data. New figures on Friday showed US retail sales advanced in October, boosted by a jump in autos purchas

A gauge of global stocks was poised for its biggest weekly drop in two months while U.S. Treasury yields continued their ascent as economic data and comments from Federal Reserve officials pointed to a slower pace of rate cuts ahead.

Global stock markets mostly struggled Friday after US Federal Reserve boss Jerome Powell indicated a slower pace of interest-rate cuts.

European equities and US futures fell after Jerome Powell indicated the Federal Reserve was in no rush to cut interest rates.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,