New Delhi, Aug. 21 -- With the minutes of the July FOMC (Federal Open Market Committee) meeting indicating that Federal Reserve policymakers were largely aligned on keeping the federal funds rate unchanged at 4.25 per cent to 4.50 per cent, citing heightened inflation risks, global markets are now focused on Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday morning. This will be Powell's eighth and final Jackson Hole address, as his term expires in May 2026.

The US Federal Reserve intends to remain data-dependent, but it may not have much time before deciding on a rate cut. Meanwhile, US President Donald Trump has been lashing out at Powell for not lowering rates. Beyond political pressure, there is also dissent amon...