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 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.