Fed Chairman Powell is set to deliver a speech at the highly anticipated Jackson Hole Economic Policy Symposium, an event that has garnered significant attention from the financial markets. The speech is scheduled for 10 PM Eastern Time on August 22, and major investment banks have differing views on the future direction of the Fed's monetary policy.

State Street Global Advisors believes that Powell may pave the way for a potential rate cut decision in September during his speech. UBS holds a similar view, expecting Powell's remarks may hint at the possibility of a rate cut in September. Russell Investments, on the other hand, is more cautious, acknowledging the possibility of a rate cut but anticipating that the magnitude may be only 25 basis points.

Analysts at ING Bank point out that the recent concerns from three Fed officials regarding the performance of the labor market may indicate that the Fed's overall stance is shifting towards a more dovish direction. This perspective provides the market with a new angle for consideration.

However, not all institutions are optimistic. Mitsubishi UFJ Financial Group expects that Powell may not explicitly indicate the specific timing for interest rate cuts in his speech, but rather choose to continue assessing economic data before the September meeting. Bank of America has expressed skepticism about the possibility of interest rate cuts this year, believing that Powell may be satisfied with the current low employment growth situation.

As the speech date approaches, market participants are closely following Powell's every word in hopes of catching glimpses of the Fed's policy direction. Regardless of the final outcome, this speech will undoubtedly have a significant impact on the global financial markets.