Stocks soared on Friday after Federal Reserve Chair Jerome Powell signaled the central bank may be ready to resume cutting interest rates at its next policy meeting in September.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

"HELOC interest rates are generally structured as prime plus a margin," Debbie Calixto, sales manager at mortgage lender loanDepot, says. The federal funds rate influences the prime rate, while the margin reflects an additional percentage based on your credit score and loan details.

U.S. stocks are ticking higher ahead of a highly anticipated speech about where interest rates may be heading.

New Zealand's central bank will likely cut its key interest rate twice more this year, taking it to 2.50%, according to a majority of economists polled by Reuters following the latest policy meeting,

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

Wall Street rallied to its best day in months after the head of the Federal Reserve hinted that cuts to interest rates may be on the way