Wall Street’s main indexes rallied on Friday after U.S. Federal Reserve Chair Jerome Powell pointed to a possible interest-rate cut during his Jackson Hole Symposium speech.

While his comments opened the door to a rate cut at the Fed’s September 16-17 meeting, Powell stressed the importance of the jobs and inflation data that will be available by then.

“Powell gave a clear, concise speech with a strong dovish tone at Jackson Hole,” said Jack McIntyre, portfolio manager at Brandywine Global.

“The message was that the Fed is going to cut policy rates at the September FOMC meeting… what we don’t know is whether it will be a hawkish rate cut where the Fed takes a patient path of lowering rates.”

Traders boosted bets on a September rate cut after Powell’s comments, now placing a nearly 90%

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