Market analyst Liz McCormick said bond and equity investors are betting Powell will play it safe at a later Jackson Hole speech. With a few exceptions, the meeting is not a major market-moving event. JPMorgan and Deutsche Bank strategists expect bonds to move modestly during the meeting, while options traders are betting on small moves in stocks over the next few days. Over the past decade, two- and 10-year Treasury yields have moved by an average of less than four basis points, while the S & P 500 has moved by an average of around 1.3 percent, compiled data shows. But market volatility is not out of the question: two years ago, Powell surprised markets with a hawkish speech warning investors that fighting inflation would cause "pain" for households and businesses.