Investors expecting to hear Federal Reserve Chair Jerome Powell give guidance Friday about the central bank's September meeting may be in for a letdown. This is because Powell will want to keep his options open in his speech in Jackson Hole,

The investing world will turn its attention to northwestern Wyoming in the week ahead, with Federal Reserve Chair Jerome Powell set to give his most important policy speech of the year on Friday at the annual Jackson Hole Economic Symposium.

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.