Stocks surged Friday and the Dow closed at its first record high of the year after Federal Reserve Chair Jerome Powell signaled interest rate cuts could be on the way.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

Federal Reserve Chair Jerome Powell on Friday pointed to a possible interest rate cut at the U.S. central bank's meeting next month, but stopped short of committing to it, in remarks acknowledging both the growing risks to the job market and ongoing threat of higher inflation.

Both Wall Street and the White House will be paying close attention to Fed Chair Jerome Powell's high-profile speech Friday at the Fed's annual economic symposium in Jackson Hole, Wyoming.

So many Federal Reserve officials have said they are waiting for data over the next few weeks before deciding on a September rate cut that it doesn't leave Fed Chair Jerome Powell much room to clearly signal a rate cut,

Traders are piling into one specific options wager that relies on a dovish Federal Reserve slashing interest rates by over a quarter-point next month.

While Trump frames the issue as consumer pain, Wharton’s Joao Gomes told Fortune that cheaper borrowing would also ease interest payments on the government’s $37 trillion debt burden—likely a central motivation.