Federal Reserve chair is under bombardment from Donald Trump and battling an insurgency within the central bank

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

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.

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.

Gold rose nearly 1% on Wednesday as the U.S. dollar eased, while market participants braced for the minutes of the U.S. central bank's last policy meeting and upcoming Jackson Hole symposium for clues on future interest rate moves.

The president's latest attack comes as Powell is scheduled to deliver remarks at the Fed's annual conference in Jackson Hole, WY, on Friday.

Fed Chair Jerome Powell will likely walk a fine line in his Friday morning speech at the Jackson Hole symposium, but Wall Street is hoping for rate-cut clues.

Gold prices fell on Thursday, pressured by a firmer dollar, while investors looked to the U.S. central bank's annual Jackson Hole symposium later in the day for further policy cues.

Walmart earnings are in early focus before the highly anticipated start of the Federal Reserve's gathering at Jackson Hole.