While Wall Street rejoiced in President Trump’s decisive win in Tuesday’s election and the Federal Reserve lowered its key interest rate by a quarter point, many members of the dairy industry gathered in Chicago for the American Dairy Products Institute Dairy Purchasing and Risk Management seminar.

The U.S. central bank should proceed cautiously on further interest rate cuts to keep from inadvertently reigniting inflation.

U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.

The Federal Reserve cut interest rates on Thursday for the second time in three months, likely setting the stage for a drop in borrowing costs.

The Federal Reserve cut its key interest rate by a quarter-point in response to a steady decline in once-high inflation that angered Americans and helped drive Trump’s election victory.

Find out how the Federal Reserve’s decision will impact all aspects of borrowing and spending

Jay Powell backed a gradual approach to lowering interest rates, saying the US central bank does not need to be “in a hurry” amid a strong economy and a “bumpy” path down for inflation. In a speech delivered in Dallas on Thursday,

Federal Reserve Chair Jerome Powell said Thursday that the economy is in a good place, with inflation on a sustainable path back to the central bank’s 2% target, and that he expects inflation to continue to come down on a “sometimes bumpy” path.

"The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," Powell said.

Federal Reserve Chair Jerome Powell is in no rush to cut interest rates, with a solid economic backdrop giving policymakers the luxury of time to figure out the best path lower. Inflation remains on a bumpy road to the Fed’s 2% target.