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

The anticipated 2% price swing around Powell’s speech suggests slightly higher volatility than the average daily volatility of 1.52%, which is derived from the 30-day realized volatility of 29%.

Investors are bracing for volatility as Federal Reserve Chair Jerome Powell walks a fine line between curbing inflation and supporting the labor market, with thin August trading poised to magnify any market moves from his Jackson Hole speech on Friday.