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.

Investors expecting to hear Federal Reserve Chair Jerome Powell give guidance Friday about the central bank's September meeting may be in for a letdown. This is because Powell will want to keep his options open in his speech in Jackson Hole,