Federal Open Market Committee (FOMC) Chair Powell is speaking this week at the Kansas Fed’s Jackson Hole symposium.

GS is holding low expectations:

Bank of America, on the other hand, are expecting more substantive comments from Powell. Economists at they bank say they expect the tone of Powell’s speech “could be less balanced at Jackson Hole given the robust data flow since the July FOMC meeting.”

BoA point to:

And conclude:

• “While the Fed would prefer not to short-circuit the business cycle, policymakers are probably becoming increasingly concerned about a re-acceleration in inflation, driven by strong aggregate demand”
• “Therefore, we expect Powell to push back— implicitly or explicitly— against the degree of rate cuts that markets are pricing for next year.”