Federal Reserve Chair Jerome Powell is slated to speak on Friday at the Fed’s annual gathering of central bankers in Jackson Hole, Wyoming, and Evercore ISI warns that market participants might not love what he has to say.

At the moment, Nasdaq futures are down about 37 points, as nervous markets wait to hear from Fed boss Jerome Powell at the Jackson Hole Symposium later this week. In fact, markets are waiting for clues as to what could happen at the central bank’s remaining policy meetings for the year.

The takeaway is that markets aren’t pricing in any sort of “succession premium” tied to any one chairman. The glidepath of monetary policy — regardless of Powell’s successor — appears structural, anchored to the Fed’s backward-looking framework . If that holds, it would mark a break from recent history.