The annual Jackson Hole Economic Symposium takes place later this week. It will attract policymakers from around the world and feature highly anticipated remarks from Federal Reserve Chair Jerome Powell.

The takeaway is that markets aren’t pricing in any sort of “succession premium” tied to any one chairman. The glidepath of monetary policy — regardless of Powell’s successor — appears structural, anchored to the Fed’s backward-looking framework . If that holds, it would mark a break from recent history.

A speech from the Fed chair at Jackson Hole has become a rite of summer for investors. Nicholas Colas, co-founder of DataTrek Research, broke down how the S&P 500 has performed in the five days on eit