Fed chair Jerome Powell will deliver remarks at Jackson Hole on Friday. State Street's chief strategist lays out what investors should listen for.

The highlight of the Kansas City Fed’s Jackson Hole symposium is the Federal Reserve chair’s speech on Friday. This year, the economy faces economic and political cross-currents as Jerome Powell addresses the gathering for the last time.

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.