Overview

• Friday’s Jackson Hole program focuses on “Labor Markets in Transition,” a forum expected to address how migration enforcement and higher tariffs are reshaping labor supply, productivity and policy.
• Powell’s remarks are closely watched for policy guidance before the Sept. 16–17 meeting, with traders largely pricing a 25 basis-point move on Sept. 17.
• Treasury Secretary Scott Bessent said the administration will begin interviewing 11 candidates on Sept. 1 to replace Powell when his term ends in May 2026.
• Reported shortlists include Larry Lindsey, David Zervos, Rick Rieder, Michelle Bowman, Chris Waller, Philip Jefferson, Lorie Logan, James Bullard, Kevin Hassett and Kevin Warsh.
• The Fed’s target rate remains 4.25%–4.50% after a split July decision, and governance strains, including Adriana Kugler’s resignation, plus reporting on weaker remittances to Mexico after U.S. raids, frame the policy debate.