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 the famously data-dependent Federal Reserve Chair Jerome Powell shifts gears and takes a gloomier view of the job market, that could open the door for a rate cut at the Fed’s next meeting in September.

The Fed chair delivered a “virtuoso performance” with his Jackson Hole speech, says State Street’s Michael Arone

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.