During his speech at the Kansas City Fed's Jackson Hole Economic Policy Symposium, Federal Reserve Chair Jerome Powell opened the door to potentially cutting rates. Watch his full comments in the video above.

If inflation starts climbing again after a rate cut, “the Fed will have to reverse course — and in the worst case, start hiking again,” Slok said.

Brent Donnelly of Spectra Markets ran a sizeable survey of expectations for Fed Chair Jerome Powell's speech, and of the 473 responses, 51% expect a neutral-to-boring outcome and 43% see a hawkish tint.

In a typical year, Jackson Hole sparks excitement mostly among market watchers. This time, the symposium feels more pivotal.