Next Friday! Federal Reserve Chairman Powell will make a major statement at the global central bank annual meeting

The Federal Reserve announced on Thursday that Federal Reserve Chairman Jerome Powell will deliver a speech on economic outlook at the Jackson Hole Economic Symposium hosted by the Kansas City Fed at 10 a.m. Eastern Time on Friday, August 23.

The Jackson Hole Economic Symposium is one of the longest-running central bank conferences in the world. Every year, participants from 70 countries gather to share different viewpoints and experiences. It is considered the "annual feast" of central banks around the world. Hosted by the Kansas City Fed, the Jackson Hole Economic Symposium is one of the most anticipated conferences apart from the Federal Open Market Committee (FOMC) meeting.

Powell's speech continues the tradition of the Federal Reserve Chairman delivering a keynote address during the three-day central bank annual meeting. This year's meeting is scheduled from August 22 to 24 at the Jackson Lake Lodge in Grand Teton National Park.

With a Fed rate cut on the horizon, it is widely expected that the Federal Reserve will initiate a rate cut at the meeting on September 17-18. However, there are differing opinions on the magnitude of the rate cut. While most economists anticipate a 25 basis point cut in September, some industry insiders from Wall Street giants like Citigroup and JPMorgan predict a larger 50 basis point cut.

The market is closely watching Powell's speech for clues on his views regarding the U.S. labor market and inflation. Previous reports on the U.S. labor market, including non-farm payrolls, fell below expectations, and inflation has shown signs of further cooling, leading to increased concerns about the risk of a U.S. economic recession. However, Thursday's U.S. retail sales and initial jobless claims data have alleviated some worries