Jerome Powell brought the Federal Reserve together for a quarter-point rate cut in his first meeting with newly appointed White House adviser Stephen Miran. Despite some on Wall Street predicting deeper divisions, the FOMC majority coalesced to support Powell’s direction, signaling his enduring control.

The Dow Jones Industrial Average soared to an all-time high on Thursday, surpassing the 46,000 mark and closing at 46,108. Investors showed optimism as August inflation data aligned with forecasts, raising expectations of a Federal Reserve rate cut in September.

U.S. stocks are retreating as investors worry over mixed signals from the job market. The crux of the debate is whether hiring has slowed enough to spark a Federal Reserve interest-rate cut or too much, raising the specter of a recession.