Both Wall Street and the White House will be paying close attention to Fed Chair Jerome Powell's high-profile speech Friday at the Fed's annual economic symposium in Jackson Hole, Wyoming.

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

The takeaway is that markets aren’t pricing in any sort of “succession premium” tied to any one chairman. The glidepath of monetary policy — regardless of Powell’s successor — appears structural, anchored to the Fed’s backward-looking framework . If that holds, it would mark a break from recent history.