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.

Markets bet on a September Fed rate cut at Jackson Hole, but sticky inflation, Trump tariffs, and Powell’s framework review could derail expectations.

Investors continue to price in a 0.25% cut from the Federal Reserve next month, although they have lowered their expectations about that.

Investors are eager for a sense of where policymakers stand on the question of interest rate cuts after economic data this month showed they face a tricky dilemma between a weakening labor market and stubborn inflation.

Stocks often rise the week of the Fed’s big Jackson Hole gathering. Don’t count on it this year. Why a ‘wall of money’ is unlikely to flood into stocks when the Fed cuts rates, this Goldman strategist says.