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.

Later this week, economists, central bankers and members of the business press will gather in Jackson Hole, Wyo. for the Kansas City Fed’s annual Jackson Hole Economic Policy Symposium.

Claudia Sahm, chief economist at New Century Advisors, looks ahead to Federal Reserve Chair Jerome Powell’s speech at this week’s Jackson Hole Economic Policy symposium as she sees the Fed’s dual mandate “in conflict.