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.

Gold held steady on Tuesday as investors awaited the Federal Reserve's Jackson Hole symposium later this week for cues into possible rate cuts and weighed Washington's efforts to end the war in Ukraine.

What will Federal Reserve Chair Jerome Powell signal about interest rates at this year's Jackson Hole gathering? The central-bank gathering has sometimes been a venue for marking shifts in Fed policy,