Related: Despite interest rate cuts, mortgage rates rise for home buyers So it's happened this week. Both the Consumer Price Index and Producer Price Index reports showed small increases when many investors and economic experts were expecting flat results or declines.

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.

Last week, the US central bank opted to lower its benchmark policy rate by a quarter-point to a new target range of 4.25-4.75 per cent. Officials next meet in December for their final gathering of the year and appear on track to deliver a third-consecutive cut.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

Fed Chair Powell was pressed about how the central bank will alter its policy in the wake of President-elect Donald Trump's victory last week. Economists think that Trump's proposals during the campaign,

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said Thursday in Dallas.

Ongoing economic growth, a solid job market, and inflation that remains above the 2% target means the U.S. central bank does not need to rush to lower interest rates and can deliberate carefully, Federal Reserve Chair Jerome Powell said on Thursday.

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.