Federal Reserve chair Jerome Powell is scheduled to speak at the central bank's annual Jackson Hole Symposium on Friday, an event that could be a major test of the stock market's post-"Liberation Day" rally.

Powell has never responded directly to Trump's provocations, and I, personally, expect this issue to play a predominant role at his latest meeting in Jackson Hole, perhaps even more so than the interest rate discussion. The independence of central banks is much more important than a 25 basis point change in the coming month.