US stock futures climbed on Friday within the run-up to a pivotal speech by Federal Reserve Chair Jerome Powell that is probably going to shape expectations on policy, the economy, and the long run path of rates of interest.

S&P 500 futures (ES=F) rose 0.5%, while Dow Jones Industrial Average futures (YM=F) added 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led gains, up roughly 0.8%, as all three gauges eyed a comeback from Thursday’s closing losses.

Spirits have turned buoyant as a day of reckoning for rate-cut bets finally arrives, after per week of mounting anticipation for what Powell will reveal in his comments Friday morning at Jackson Hole.

Slowing economic data has convinced the market to position for the Fed to lower rates in September, with opinion divided on the depth of the cut. Traders are pricing in a 75% probability of a discount of 25 basis points and 25% odds of fifty basis points, per CME’s FedWatch tool.

Read more: Fed predictions for 2024: What experts say about the potential for a rate cut

Powell’s speech at 10 a.m. ET could test that confidence, though some imagine the Fed chief will steer clear of short-term guidance to focus on broader issues. History suggests Powell will play it protected and sure spare the market a shock.

The benchmark 10-year Treasury yield (^TNX) was regular at around 3.85% in early trading ahead of the Fed chief’s appearance.

Meanwhile, investors absorbed the surprise departure of Nestle (NSRGY, NESN.SW) CEO Mark Schneider, which put pressure on shares on the earth’s biggest foodmaker.