US stocks rallied on Friday, with all three major indexes gaining over 1%, following Federal Reserve Chair Jerome Powell's signal that interest rate cuts are imminent. At the annual economic conference in Jackson Hole, Powell expressed confidence that inflation is nearing the Fed's 2% target and highlighted concerns in the job market as motivating factors for the anticipated policy shift. The S&P 500 is now close to its all-time high, reflecting a broad-based market rally, with significant contributions from major tech stocks. Analysts have noted a 65% chance of a 25 basis point rate cut at the Fed's upcoming September meeting, with expectations rising for more substantial cuts later this year. Powell's remarks have reassured markets, indicating that the Fed is ready to respond to labor market weaknesses while maintaining a cautious approach to inflation. Overall, the market appears optimistic about the Fed's forthcoming easing cycle, despite ongoing concerns about economic conditions.