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.

Gold rose on Wednesday, buoyed by a softer U.S. dollar, as investors looked towards the minutes of the Federal Reserve's July meeting and the Jackson Hole symposium of central bankers this week for cues on further rate cuts.

Stocks start the week just shy of record highs, underpinned by a well-received corporate earnings season and hopes the Federal Reserve will soon start reducing official borrowing costs again. Investors are therefore keen that Friday’s keynote address by Fed Chair Jerome Powell at the Jackson Hole symposium will be suitably dovish.

Britain's main stock indexes declined on Thursday, dragged by losses in consumer-related shares, while global investors turned their attention to the U.S. Federal Reserve's annual symposium in Jackson Hole.

The Nasdaq fell as megacaps lost after having rallied for much of the year. Nvidia fell 3.5%, the biggest drop in nearly four months.

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.

Digital assets are losing ground as traders brace for Federal Reserve Chair Jerome Powell’s closely watched address at the Jackson Hole Symposium on Friday.