The Fed may need to cut rates at its next meeting due to growing risks to the economy, including some “unusual” behavior in the job market that could become a cause for concern, Fed Chair Jerome Powell said Friday.

In his final speech at the Federal Reserve’s summer retreat, Chairman Jerome Powell said the changing economic landscape likely will bring lower interest rates.

US stocks soared on Friday, pushing the Dow Jones Industrial Average to its first closing record this year, after a speech by Federal Reserve Chair Jerome Powell led traders to boost wagers on an interest-rate cut as soon as next month.