There is a spectrum of expectations on Yellen's Jackson Hole speech.

Let's start at the 'expect nothing' point:

Jackson Hole is an academic seminar
The theme for the weekend is "Designing Resilient Monetary Policy Frameworks for the Future."
Yellen's topic is "The Federal Reserve's Monetary Policy Toolkit"
This, to me at least, sounds like an 'overview' sort of topic, more long-term than a 'when are we gonna raise rates next' type of topic
So ... therefore ... expect nothing

OK, what about the 'expect dovishness' point?

Is it enough to argue 'the trend is your friend'? Yellen is persistently on the dovish side (most of the time at least)
We haven't had a public word from the Fed Chair since June! At the semi-annual Congressional testimony. If the Fed wants to communicate with markets transparently there is probably a reasonable case for Yellen giving some policy guidance on Friday after 2 months of silence
Will she say something along the lines of .... "if the data are consistent with FOMC expectations, a rate hike may be warranted before the end of the year"? If her intention was to say nothing or very little at the symposium, this might be something like her choice of words. I imagine those would be read as 'dovish' (i.e. no hike coming in September)

OK then, can/will she be more hawkish?

'External' risks have pulled back (I'm thinking the less concern recently on Brexit and China ... having said this these concerns are never too far away, but the more frantic commentary on them has pulled back a little)
Dudley, Williams, and Fischer have all made speeches about the near-term economic and policy outlook in the past 2 weeks and all have been more 'hawkish' than we expected
Will Yellen agree, or disagree, with them?
If she remains silent on the outlook it will likely be read by markets that she is not in agreement with the more hawkish views
If she explicitly agrees with these recent speeches then the case for a September hike will be greatly enhanced in the eyes of the market
8 of 12 Federal Reserve regional bank boards have signalled they'd like a discount rate hike

So, over to ForexLive ... What are your thoughts on what Yellen will/will not say? I'm going for more fog .... i.e. remarks that signal a hike this year, but probably not so soon as September.

ps. For more on Jackson Hole:

Yellen to disappoint USD bulls at Jackson Hole - Citi
Jackson Hole: HSBC see Yellen in cautionary mode still
Why Jackson Hole will be a dud - BAML
Where will USDJPY finish up after Yellen at Jackson Hole?
ANZ on Yellen's speech at Jackson Hole
Its Jackson Hole week! Barclays on what to expect
Tough to find enthusiasm for Yellen's Jackson Hole speech (and that's the risk)
Don't hold your breath on Jackson Hole hike guidance say RBS

Bored with Jackson Hole already? Fair enough .... here's some much more interesting Jackons: