Gold was little changed on Thursday as investors awaited cues on the Federal Reserve's policy outlook ahead of its annual Jackson Hole symposium, which starts later in the day. Spot gold was down 0.2% at $3,

Fed chair Jerome Powell will deliver remarks at Jackson Hole on Friday. State Street's chief strategist lays out what investors should listen for.

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.