Fed chair Jerome Powell will deliver remarks at Jackson Hole on Friday. State Street's chief strategist lays out what investors should listen for.

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.

Federal Reserve chair Jerome Powell is scheduled to speak at the central bank's annual Jackson Hole Symposium on Friday, an event that could be a major test of the stock market's post-"Liberation Day" rally.