The Federal Reserve’s annual Jackson Hole Economic Policy Symposium opens in Wyoming on Aug. 21 and runs through Aug. 23, drawing senior officials from the European Central Bank, Bank of Japan, Bank of England and other institutions. The gathering comes as investors debate whether the Fed will begin easing policy after keeping the benchmark federal funds rate at 4.25%–4.50% this year. Fed Chair Jerome Powell is due to speak on Friday, Aug. 22, at 10 a.m. New York time. Market pricing implies a quarter-point reduction at the Sept. 17 Federal Open Market Committee meeting, and Powell is expected to unveil an updated policy framework that could clarify how the central bank intends to balance still-elevated inflation with a cooling labor market. The backdrop is increasingly political. President Donald Trump has demanded aggressive rate cuts and has hinted at replacing Powell, intensifying scrutiny of the Fed’s independence. Within the central bank, officials remain split: some argue that stubborn price pressures justify patience, while others warn that weakening hiring warrants earlier action. Global counterparts will also seize the Jackson Hole stage. ECB President Christine Lagarde may address Europe’s slowdown, and BOJ Governor Kazuo Ueda is expected to comment on the yen’s slide. Analysts caution that any hint Powell will delay easing could jolt equities and bonds that have rallied on expectations of lower borrowing costs.