Minutes after the speech, investors pegged the chances of a quarter-point interest rate cut at 91%, up from a 75% chance assessed one day earlier, according to CME FedWatch Tool, a measure of market sentiment. Despite the market's positive reaction to Powell's speech, the Fed chair voiced a note of caution for the outlook for the U.S. economy.

But every August, the Jackson Hole Economic Symposium makes headlines, moves markets and fuels policy debates. Hosted since 1978 by the Federal Reserve Bank of Kansas City, the annual meeting convenes roughly 120 participants to discuss new research and pressing economic issues.

World shares are mixed after Wall Street fell to a fifth straight loss, and as traders look for cues about U.S. monetary policy from a meeting of central bankers in Jackson Hole, Wyoming

According to Bloomberg Economics, "Federal Reserve Chair Jerome Powell has the opportunity to settle the speculation with his speech at the annual Jackson Hole Symposium", but economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins think he won't be as frank this year.

Gold ticked up on Wednesday but hovered near three-week lows, as investors looked towards the Federal Reserve's July meeting minutes and the Jackson Hole, Wyoming symposium of central bankers this week for cues on further rate cuts.