Federal Reserve chair Jerome Powell is set to deliver what many anticipate will be his final key speech Friday at Jackson Hole Economic Symposium. Investors will be listening for clues about potential upcoming interest rate cuts.

If inflation starts climbing again after a rate cut, “the Fed will have to reverse course—and in the worst case, start hiking again,” Slok said.

Brent Donnelly of Spectra Markets ran a sizeable survey of expectations for Fed Chair Jerome Powell's speech, and of the 473 responses, 51% expect a neutral-to-boring outcome and 43% see a hawkish tint.

Speaking at the annual Jackson Hole symposium, Powell said that with policy still restrictive and job market data weakening, the Fed could soon pivot.