The president and his allies accuse Powell of dragging his feet on interest-rate cuts, in a caustic and unprecedented pressure campaign.

That has Wall Street focused on whether Powell will use this year's Jackson Hole speech on Friday morning at 10 a.m. ET to telegraph a resumption of Fed rate cuts at next month's policy meeting and perhaps hint at further cuts beyond that.

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.