Federal Reserve Chair Janet Yellen is scheduled to deliver Friday highly anticipated remarks in Jackson Hole, Wyoming. Stocks have been uncertain about which direction to move ahead of the speech at the economic symposium, during which Yellen could offer new guidance for the U.S.' monetary policy.
Many wonder if a raise in the fed's key interest rate could soon be on the way. Others were skeptical that Yellen's speech Friday could bring anything substantive in that regard.
"I think [Yellen's] going to stick to her script that the Fed is data dependent," said Quincy Krosby, market strategist at Prudential Financial, to CNBC. "It's difficult to believe she's going to be specific about a rate hike." Yellen also likely wants to wait to see the August jobs report, Krosby said.
A number of Fed officials have made statements lately that lead some to believe a rate hike is on the way. They've commented positively on the U.S. economy, indicating the confidence that accompanies a hike in interest rates.
"When I look at where we are with the job market, when I look at inflation and our forecast for that, I think it is time to move," Kansas City Fed. President Ester George said in a recent interview, via Market Watch.
The CME Group's FedWatch found that future markets indicated about a one-in-four chance the Fed hikes rates in its policy meeting next month, and an about 57 percent chance of a hike in December, according to Reuters. But some think the economy is not yet strong enough to increase rates.
"Our thinking as a firm is that the Fed will not raise rates until next year," said John Doyle, director of markets at Tempus Consulting in Washington, to Reuters. "The U.S. economy is doing better than most, but it's not on fire. Inflation is still super low. So the Fed does not really need to raise rates right now."