The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

Just three weeks ago, Federal Reserve Chair Jerome Powell spoke to reporters after the central bank had kept its key interest rate unchanged for a fifth straight meeting and said the job market was “solid.

Almost every financial headline you read the next two days will mention Jackson Hole, the stunning Wyoming region that becomes the capital of the macroeconomic world every August. But this year's gathering of central bankers and economists could be more important than it's been in a very, very long time.