Much has been made of the Fed's Jackson Hole symposium in 2021 and in a general sense throughout the years.  On some years, the anticipation has proven to be well justified.  Other years, not so much.  This time around, there is indeed an opportunity for the Fed share to shift the signaling about asset purchases in one direction or the other, but while a volatile outcome is exceedingly possible, it's not necessarily guaranteed. 

In fact, even if there is an apparent reaction today, the economic data and covid numbers would still have to play along in the coming weeks for the market to truly price in a September tapering announcement.  Powell's speech is scheduled during the 9am Central Time block (10am ET).  Esther George will offer opening remarks at that time, so expect Powell on the mic shortly after 10am ET.

Bonds have been ridiculously flat on the approach.