Global investors are training their attention on Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Economic Policy Symposium on Friday, his last as head of the U.S. central bank. The speech, scheduled for 10 a.m. Eastern, is expected to outline an updated policy framework and could determine whether the Fed proceeds with a widely anticipated 25-basis-point rate cut at its Sept. 16–17 meeting. Futures linked to the CME FedWatch tool put the probability of such a move at roughly 80%–83%, although several analysts caution that Powell may avoid making a firm commitment. Equity markets have turned defensive ahead of the event. The S&P 500 fell 0.3% on Wednesday, while the tech-heavy Nasdaq Composite lost 0.7%; the Nasdaq-100’s two-day slide reached 3%, its steepest decline since April. U.S. stock futures were little changed in Thursday’s Asian session, mirroring a cautious tone seen in trading since the release of the Fed’s July meeting minutes, which showed only two policymakers favoring an immediate cut. The technology sell-off rippled across Asia. Japan’s SoftBank Group dropped as much as 9.17% on Wednesday and ended the day down about 6%, dragging the Nikkei 225 1.8% lower at one point. Broader Asian indexes were mixed, while currency and commodity markets stayed calm; the dollar index hovered near 98.3 and gold traded flat. Market participants now await Powell’s remarks for clarity on monetary policy amid lingering questions about the Fed’s independence and its response to sticky inflation and a cooling labor market.