“The time has come for policy to adjust,” Fed Chair Jerome H. Powell said Friday, in his most anticipated speech of the year. “The direction of travel is clear.”

Powell did not specify a timeline or forecast how much Fed leaders were preparing to lower rates. But his remarks came as close as possible to teeing up a cut at the Fed’s next policy meeting in mid-September.

So this, then Halloween, then election, then Black Friday.

Could be a wild Q4.