Goldman Sachs notes that typically Fed chair Powell's address will be the most market-moving event of the Jackson Hole Symposium. And they expect a return to flexible inflation targeting as part of the Fed's main strategy moving forward. But as things stand, market players will be mainly eyeing for commentary on the US economic outlook and details of the Fed's monetary policy framework review.
As an aside, the firm argues that it'd be worth watching out for policy hints from side interviews. That especially with regards to surprise signals from ECB or BOE officials on inflation and/or policy divergence.
As for market reaction, Goldman Sachs says that off-schedule remarks do have the potential to move markets - especially FX - if they do stand out from the status quo.
Just for some added context here, ECB president Lagarde and BOE governor Bailey will also be in attendance at Jackson Hole this year. They are both due to appear on a panel on Saturday.
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