Investment banks are looking ahead to the Jackson Hole meeting, where expectations for interest rate cuts are clearly diverging.

On August 19, Fed Chairman Powell will speak at the Kansas City Fed's annual Central Bank conference in Jackson Hole, Wyoming, on August 22 at 10 AM Eastern Time (10 PM Beijing Time) to assess the economic outlook and the Fed's policy framework. Major investment banks have the following expectations for Powell's speech: State Street: Powell may pave the way for a rate cut starting in September and continuing through the end of the year. UBS: Given last week's data, Powell may be willing to hint at the Fed's inclination to cut rates in September. Russell Investments: The Jackson Hole meeting may cool expectations for a Fed rate cut, making a September cut "possible," rather than "certain," with a reduction of 25 basis points instead of 50 basis points. Dutch International: Recently, three Fed officials (Daly, Cook, and Kashkari) have expressed concerns about the deterioration of the job market, which seems to signal a shift towards a more dovish official stance at the Jackson Hole Central Bank annual meeting. MUFG: The risk at the Jackson Hole meeting is that Powell may not provide a clear signal on the timing of the next rate cut, thus buying more time for the Fed to continue evaluating upcoming data ahead of the September FOMC meeting. This could help mitigate downward pressure on the dollar in the short term. Bank of America: We are skeptical about the Fed cutting rates this year; Powell stated in July that he would be satisfied with low job growth as long as the unemployment rate remains within a narrow range. It now seems that this notion is becoming a reality, and Powell’s speech in Jackson Hole will give him a "speak and act" opportunity. (Jin10 )