Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Friday, August 23rd, and I I'm your host Kim Khan. This is a special

Jackson Hole Symposium Edition of Wall Street Lunch. Those are doves you see flying over

Wyoming. Federal Reserve Chairman Jay Powell launched the signal flare today saying

policymakers are ready to start cutting interest rates.

Powell said the time has come for policy to adjust.

The direction of travel is clear and the timing and pace of rate cuts will depend on

incoming data, the evolving outlook, and the balance of risks.

Market watchers declared the Powell Pivot complete. The upside risk to

inflation have diminished and the downside risks to employment have increased,

Pal said adding that the cooling in the labor market conditions is unmistakable. We do not seek or welcome

further cooling in labor market conditions.

We will do everything we can to support a strong labor market as we make further progress towards price stability, he said.

Markets had the predictable immediate reaction to Powell's remarks.

Stocks rally to highs with gross stocks in the lead, but the scalpers

jumped in shortly afterwards. Trading is now choppy, but the Vix is declining, and the major averages

are above where they were going into the speech.

Treasury yields moved down, the tenure fell back to 3.8%

and the two-year dropped below 3.95%.

The greenback took it on the chin, with the dollar index falling to a 52 week low.

Glenn Smith, Chief Investment Officer, GDF Wealth Management, said we now have more evidence

than ever that a soft landing has been achieved.

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