According to Bloomberg reporters at the Jackson Hole Symposium, the Federal Reserve will move to cut interest rates. Click here to watch Powell's speech, where he discussed monetary policy:

Federal Reserve Chair Jerome Powell will speak at the Kansas City Fed's Jackson Hole Economic Policy Symposium. Powell has made it clear in the past that he was cautious about changing rates, but time and again has said the economy is on the right path. He said during his speech the timing of these rate cuts would be careful, and still did not specify the September meeting.

This week's FOMC meeting minutes showed that many Fed members believed it would be appropriate to cut rates in September if economic data remained on its current trajectory. Some members even want to cut rates in July.

According to William Wats from Market Watch, Powell indicated after the central bank's July meeting that a September cut was a strong possibility if data continued on its recent path. A weak August jobs report and other data pointing to a softening of the economy and falling inflation have reinforced that expectation, as did the minutes of the July policy meeting released on Wednesday.

Watts quoted Bank of America analysts last week explaining why it's come to be seen as such an important crucible for Fed policy and the markets.

Fed chairs speak at Jackson Hole almost every year after the Kansas City Fed began the conference in 1982. Former Chair Alan Greenspan delivered opening remarks for 14 years, which appeared, intentionally or not, to set a precedent.

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