Powell is set to speak at the Jackson Hole Symposium later in the session, potentially offering up more cues on the economy and the Fed’s plans for interest rates.

His address comes amid increasing doubts over whether the Fed has enough impetus to cut rates in September. 

The minutes of the Fed’s late-July meeting showed policymakers still remained cautious over cutting interest rates in the near-term, especially amid uncertainty over the inflationary impact of President Donald Trump’s trade tariffs. 

Policymakers were also seen focusing more on managing inflation than stemming more labor market weakness.

Kansas City Fed President Jeffrey Schmid, a voting member, said the central bank isn’t rushing to cut interest rates, pointing to inflation still running above its 2% target and a resilient labor market.

Separately, Cleveland Fed President Beth Hammack, a non-voting member, voiced concern Thursday that stubborn inflation may rule out an interest-rate cut in September.

Fed fund futures are pricing in a 73.1% chance the Fed will cut rates by 25 basis points in September, down sharply from the 90.2% chance seen a week ago, CME Fedwatch showed.