European markets edged lower on Monday as investors digested the latest comments from US Federal Reserve Chairman Jerome Powell.

The pan-European Stoxx 600 fell 0.1% in early trade, with most sectors slipping into negative territory. Autos fell 1.1 percent while food and beverage stocks gained 0.7 percent.

Shares of Unicadet rose 9.8 percent, to its highest level since 2015, after the Italian bank announced it would return 8.6 billion euros ($9.2 billion) to investors due to higher-than-expected profits.

In an interview with CBS’ “60 Minutes” on Sunday, Powell said The central bank will Rate cuts are likely to proceed at a much slower pace than market expectations.

Asian markets It started its week broadly lower after Powell’s comments. US stock futures were flat on Sunday evening as Wall Street looks set for another positive trading week.