Powell puts rate cut on table
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Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.
A strong rally erupted on Friday on Wall Street shortly after Federal Reserve Chair Jerome Powell delivered a notably dovish message during his highly anticipated speech at Jackson Hole. IWM ETF is moving fast.
Jerome Powell just concluded his much-anticipated speech at the Jackson Hole economic conference, and the reactions are strong. Holding a very nuanced approach, as we're used to from Powell, markets still interpreted some of his wording as a slightly dovish opening.
The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.
The prospect of interest-rate cuts sparked broad gains in stocks.