Federal Reserve Chair Jerome Powell is speaking in Jackson Hole, Wyo., on Friday, where he will deliver what is expected to be his final speech at the annual gathering of central bankers, policymakers, and economists.

Investors will search Powell's remarks for clues about the state of the economy and the potential for interest rate cuts next month. The central bank is grappling with whether to hold interest rates steady in September to counter inflation or lower rates in light of weaker labor market data.

Pressure from the Trump administration to slash rates has also ramped up in recent months, with President Trump regularly calling on Powell to ease Fed policy. Most recently, Trump called for Federal Reserve governor Lisa Cook to resign amid a controversy over two mortgage loans.

Powell is also expected to describe changes to the central bank’s policy framework. The Fed is expected to drop its average inflation targeting policy, which sets an inflation rate goal for the Fed to achieve over the long run. It was put in place pre-pandemic, when inflation ran low and Fed officials wanted to avoid deflation.

Read more on Powell's speech here.

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