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.

Wall Street traders dialed up bets on rate cuts Friday and tamped down their expectations of future volatility. Futures pricing Friday suggested traders saw a roughly 83% chance that the Fed will cut rates at its next meeting,

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.