Investors have all eyes fixed on the Federal Reserve’s annual economic symposium in Jackson Hole, Wyo., as the Fed charts the future direction of the monetary policy in what could be a defining moment for the market’s summer story.

Walmart’s CEO Doug McMillon didn’t hold back on the impact of tariffs on his company’s earnings call yesterday — costs were increasing by the week, he said.

“Investors appear increasingly doubtful that Powell will signal a pivot at Jackson Hole,” James Butterfill, head of research at the crypto asset manager CoinShares, told Fortune.

Now that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House’

As the Trump administration ramps up its pressure on the Federal Reserve, Chair Jerome Powell is set to deliver a key speech Friday at a central banking symposium in Jackson Hole, Wyoming.

Firing the Fed chair or forcing out a governor would threaten the Fed’s venerated independence, which has long been supported by most economists and Wall Street investors.