Federal Reserve Chair Jerome Powell is set to deliver a keynote address at the central bank’s annual conclave during a tumultuous time. Powell has faced political pressure from President Trump, who has criticized the Fed’s policies and personnel. The speech is expected to address Fed independence and the economic outlook.

Powell’s speech could address political distractions and upcoming policy decisions, including a potential September rate cut. Market expectations are high for Powell to signal support for a rate cut, despite some Fed officials expressing skepticism. Powell’s speech will also touch on inflation targeting and the labor market.

The Federal Reserve adopted a new inflation targeting framework in 2020, allowing for higher inflation levels in certain conditions. Powell’s speech may focus on retooling this framework and addressing the recent inflation surge. The speech is expected to provide insight into the Fed’s longer-term policy goals and inflation control strategy.

Read more at CNBC: Powell to deliver Jackson Hole speech Friday. What Wall Street expects