Fed Chair Powell sparked a big rally as he signaled the central bank could cut rates in September in his remarks at the Jackson Hole policy symposium.

Wall Street ended higher on Friday with the Dow closing at a record high after investors welcomed Federal Reserve Chair Jerome Powell’s remarks at Jackson Hole.

If inflation starts climbing again after a rate cut, “the Fed will have to reverse course—and in the worst case, start hiking again,” Slok said.

Brent Donnelly of Spectra Markets ran a sizeable survey of expectations for Fed Chair Jerome Powell's speech, and of the 473 responses, 51% expect a neutral-to-boring outcome and 43% see a hawkish tint.