This story is available exclusively to Business Insider subscribers. The big jump was sparked by comments from the Fed Chair, which were interpreted as a dovish nod toward rate cuts, even as Powell didn't specifically mention monetary policy in his remarks. Data from the CME Group shows investors are pricing in two more 25-basis-point rate cuts by the end of 2025, and a third by the Fed's March 2026 meeting. JPMorgan's Chief Economist Michael Feroli also said the comments all but confirmed a rate cut at the next meeting. David Russell, Global Head of Market Strategy at TradeStation, conveyed similar sentiments, pointing out Powell's dovish statements beyond just what he said about labor market softness.