Both Wall Street and the White House will be paying close attention to Fed Chair Jerome Powell's high-profile speech Friday at the Fed's annual economic symposium in Jackson Hole, Wyoming.

July’s weak jobs report could be grounds for a big rate cut come September.

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.