Jerome Powell does not speak in headlines, yet markets have learned to treat his every phrase as prophecy. Last Friday, the Federal Reserve Chair offered a measured suggestion: that an interest-rate cut could be under consideration when policymakers gather again in September. The language was cautious, hedged with qualifications, but it was enough to set off a burst of enthusiasm. The Dow closed at a record high for the first time since last December, brokerages rushed to raise their year-end targets for the S&P 500, and traders convinced themselves that the era of tight money might soon be winding down.

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