The Fed Symposium in Jackson Hole usually does not serve as a significant catalyst for the stock market unless there are substantial changes in monetary policy. According to Bloomberg Intelligence, since 2000, the S&P 500 index has averaged a 0.4% increase per week following the symposium.
However, in recent years, Powell has repeatedly taken this opportunity to make a series of policy statements that have influenced market movements. For example, last year he stated that 'the time has come' for the central bank to begin cutting rates, which led to a more than 1% increase in the S&P 500 index that day. In 2022, he warned that the Fed would need to continue pursuing a restrictive monetary policy to combat inflation, resulting in a 3.4% drop in stocks that day and another 3.3% the following week.
However, this time Powell is speaking without having all the data needed by the Fed to determine the next steps for interest rates.