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.

The stock market is heading into a catalyst-filled week as Fed Chair Jerome Powell gets ready to speak at Jackson Hole and big retailers report earnings.

SignalPlus head of Insights Augustine Fan noted that markets have already ruled out any chance of an outsized 50-basis-point cut.

Get insights on the 2023 Fed Symposium in Jackson Hole. Explore market expectations, Powell's agenda, and potential rate cuts' impact on the economy.

Federal Reserve Chair Jerome Powell is slated to speak on Friday at the Fed’s annual gathering of central bankers in Jackson Hole, Wyoming, and Evercore ISI warns that market participants might not love what he has to say.

What will Federal Reserve Chair Jerome Powell signal about interest rates at this year's Jackson Hole gathering? The central-bank gathering has sometimes been a venue for marking shifts in Fed policy,

According to Bloomberg Economics, "Federal Reserve Chair Jerome Powell has the opportunity to settle the speculation with his speech at the annual Jackson Hole Symposium", but economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins think he won't be as frank this year.

Incoming information has confounded Fed Chair Jerome Powell's data-dependent strategy by pulling in both directions.