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.

The annual Jackson Hole Economic Symposium takes place later this week. It will attract policymakers from around the world and feature highly anticipated remarks from Federal Reserve Chair Jerome Powell.