Global markets are treading water ahead of Federal Reserve Chair Jerome Powell’s keynote at the Jackson Hole Economic Policy Symposium on Friday, an appearance expected to shed light on the central bank’s policy stance as his term draws to a close. Expectations for a quarter-point rate cut at the Federal Open Market Committee’s 17 September meeting have slipped to roughly two-thirds, down from about 85 % a week ago, according to CME FedWatch and prediction markets. A stronger U.S. producer-price reading and lukewarm comments from several Fed officials have tempered hopes for immediate easing, even as President Donald Trump steps up pressure for lower borrowing costs. The retreat in easing bets has buoyed the U.S. currency, lifting the Dollar Index to a two-week high near 98.7, while nudging spot gold down to about $3,331 an ounce. Ten-year Treasury yields are hovering around 4.33 %. Equity moves are modest: S&P 500 futures are up about 0.2 % after a five-session slide, Europe’s STOXX 600 has added 0.2 %, and Asian benchmarks were mixed overnight. UBS and Goldman Sachs anticipate that Powell will avoid committing to a September cut, focusing instead on data dependency and the Fed’s longer-term framework review. Investors will parse his remarks for signs of how the committee intends to balance persistent services-sector inflation against emerging labour-market softness—guidance that could set the tone for stocks, bonds and currencies in the weeks ahead.