Jerome Powell and FOMC posse will be rolling into Jackson hole on Wednesday for the annual summit. Mr. Powell will address all the cowboys and girls in attendance and all remarks will be broadcast to the entire world. It is anticipated that they at least hint, if not outright confirm, that the Fed plans to cut short-term interest rates by a quarter point next month.

For the most part that rate cut is already figured into today’s interest rates, but the tone of the speech will point the direction of interest rates in the near term. Prior to that we have a few economic reports on Wednesday and Thursday that may bump us one way or the other before Friday’s speech.