According to Odaily Planet Daily, Allianz chief economist El-Erian said that Powell will face challenges in Jackson Hole this week and he needs to use this golden opportunity to re-establish the effectiveness of his forward-looking policy guidance, otherwise it may further damage his policy effectiveness and reputation.

Some prominent Wall Street analysts and financial observers are calling on the Federal Reserve to immediately implement an emergency, inter-session rate cut, saying that such a move is unnecessary and could even be harmful.