Jerome Powell will deliver his keynote address at the Jackson Hole symposium around 3pm BST. The speech is expected to address the economic outlook and investors will watch for hints of a possible rate cut next month. The address is expected to be Powell's last in his post after President Trump indicated he does not intend to reappoint him. Political pressures from the White House include calls for Fed governor Lisa Cook to resign following allegations of mortgage fraud by Bill Pulte. Cook denies wrongdoing and refuses to be bullied into stepping down. US markets opened higher, with the Dow up 0.57%, S&P up 0.27% and Nasdaq up 0.07%, while futures pointed to a positive start.
The countdown is now on, with US Fed chair Jerome Powell set to deliver his keynote speech at the Jackson Hole symposium in about 35min. The central banker is due to begin his address around 3pm BST in the Wyoming resort, which has become the Davos for central bankers. Powell's speech is expected to address the economic outlook, and investors around the world will be on tenterhooks for any hints of whether a fresh rate cut is coming next month.
There are fears, though, that his final address will be overshadowed by the political pressures coming from the White House. That includes the US president's controversial call for a Fed governor, Lisa Cook, to resign. It comes after one of Trump's allies, the US Federal Housing Finance Agency head, Bill Pulte, alleged that Cook had committed mortgage fraud. Cook said she had no intention of being bullied into stepping down.
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