Powell delivered the guidance in a highly anticipated speech on Friday at the central bank's annual symposium in Jackson Hole, WY.

The job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, Fed Chair Jerome Powell said Friday at a key central banking forum.

U.S. stocks were rallying midday Friday on Federal Reserve Chair Jerome Powell’s Jackson Hole speech, as traders seemed more optimistic that the Fed may cut interest rates next month. The Dow Jones Industrial Average was up almost 907 points,