It starts in the week ahead with the central bank's annual conclave in Jackson Hole, Wyoming, continues in the first week of September with a seemingly make-or-break jobs report. Then we expect more vital economic data concluding with the Fed's Sept. 17-18 policy meeting.

Chairman Jerome Powell's policy speech this Friday to wrap up the Jackson Hole event, during which he is expected at least to sketch the likely course ahead, with plenty of flexibility so the Fed doesn't get fooled again, as it did in the early days of the inflation surge.

Specifically, the Fed is faced with how quickly and aggressively it should respond now that the inflation rate is waning. Here's what we learned from the last rapid round of data: Consumer price increases have slowed to their weakest pace in more than three years, wholesale prices barely increased in July, spending has proved much more resilient than expected and layoffs, after a brief spike a few weeks ago, are near their long-term trend.