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.

Gold prices edged lower on Tuesday as the U.S. dollar firmed, while investors hunkered down for Federal Reserve Chair Jerome Powell's speech at Jackson Hole later this week.