Fed Chair Jerome Powell, pictured here, signaled a potential rate cut at his much anticipated speech in Jackson Hole, Wyoming — but stopped short of promising a rate cut at the next Fed meeting in September. (Andrew Caballero-Reynolds / AFP via Getty Images | AFP)Federal Reserve Chairman Jerome Powell signaled a possible cut in interest rates in the near future, sending stocks soaring on Friday. Powell stopped short of promising a rate cut at the next Fed meeting in September, saying he and his colleagues will continue to monitor incoming data on both inflation and job growth. But the Fed chairman’s tone was enough to rally investors, who were already betting the central bank would lower its benchmark rate when policymakers gather in three-and-a-half weeks. Under federal law, designed to insulate the central bank from political pressure, Fed governors can only be removed “for cause.”