The stock market soared to record levels as Federal Reserve Chair Jerome Powell and officials signaled potential rate cuts later in the year. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite closed at record highs. Futures markets reflected an increased expectation that the Fed would slash rates by June, with the likelihood rising from about 50% to 75%. The Fed's latest projections indicate that inflation will decline more slowly than anticipated. Market confidence was bolstered by the Fed's projections, which slightly increased their inflation and growth forecasts for the year while maintaining rate cut projections.