Friday's rally in U.S. government debt, sparked by Federal Reserve Chair Jerome Powell's decision to signal a possible rate cut, sent yields to the lowest closing levels in a week and contributed to all or most of their weekly declines.

Federal Reserve Chair Jerome Powell on Friday pointed to a possible interest rate cut at the U.S. central bank's meeting next month, telling the Fed's annual Jackson Hole conference risks to the job market were rising but also noting inflation remained a threat and that a decision wasn't set in stone.

Still, Powell’s remarks suggest the Fed will proceed carefully in the coming months and will make its rate decisions based on how inflation and unemployment evolve. The Fed has three more meetings this year, including next month, in late October, and in December, and it’s not clear whether the Fed will cut at all those meetings.

Federal Reserve Chair Jerome Powell said the balance of risks to the labor market and inflation have shifted, signaling a potential interest rate cut at the Fed's next meeting.

Federal Reserve Chair Jerome Powell signaled a likely interest rate cut in September, noting "downside risks" to employment.

On today's episode of CNBC Crypto World, crypto prices and stocks rise after Fed Chair Jerome Powell signaled a possible rate cut ahead during a speech in Jackson Hole, Wyoming. Plus, speaking at the Wyoming Blockchain Symposium,

Fed Chair Powell hints at possible rate cuts in September, signaling a policy shift. Click here to read what investors need to know.

Federal Reserve Chair Jerome Powell on Friday pointed to a possible interest rate cut at the U.S. central bank's meeting next month, but stopped short of committing to it, in remarks acknowledging both the growing risks to the job market and ongoing threat of higher inflation.