Powell will deliver a speech at the Jackson Hole annual meeting tonight at 10 PM, with the market focusing on interest rate cut expectations and successor candidates.

On August 22, Fed Chairman Powell will deliver a speech at the annual Central Bank conference held by the Kansas City Fed in Jackson Hole, Wyoming, at 10 a.m. Eastern Time (10 p.m. Beijing Time) regarding the economic outlook and assessment of the Fed's policy framework. It is expected that the market will face significant fluctuations at that time. This speech comes at a crucial moment: the latest data shows that tariff measures have had some impact on inflation, while the labor market is slowing down. This complicated situation strengthens market expectations that the Fed may announce a 25 basis point rate cut at next month's meeting. Meanwhile, U.S. President Trump continues to pressure Powell to cut rates and is looking for his successor. Powell's term as Fed Chairman will end in May next year.