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.

A speech from the Fed chair at Jackson Hole has become a rite of summer for investors. Nicholas Colas, co-founder of DataTrek Research, broke down how the S&P 500 has performed in the five days on eit