Wall Street rallied on Friday morning after Federal Reserve Chair Jerome Powell's signaled a rate cut could be on the horizon.

Minutes after the speech, investors pegged the chances of a quarter-point interest rate cut at 91%, up from a 75% chance assessed one day earlier, according to CME FedWatch Tool, a measure of market sentiment. Despite the market's positive reaction to Powell's speech, the Fed chair voiced a note of caution for the outlook for the U.S. economy.

The Fed’s annual forum at Jackson Hole has long been a must-watch event for Wall Street, but this year’s meeting brings extra scrutiny.

United States Federal Reserve Chair Jerome Powell on Friday (Aug 22) pointed to a possible rate cut at the central bank's September meeting but stopped short of committing to cutting interest rates in

World shares are mixed after Wall Street fell to a fifth straight loss, and as traders look for cues about U.S. monetary policy from a meeting of central bankers in Jackson Hole, Wyoming

According to Bloomberg Economics, "Federal Reserve Chair Jerome Powell has the opportunity to settle the speculation with his speech at the annual Jackson Hole Symposium", but economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins think he won't be as frank this year.

Gold was little changed on Thursday as investors awaited cues on the Federal Reserve's policy outlook ahead of the annual economic symposium at Jackson Hole, Wyoming, which starts later in the day. Spot gold was down 0.