It may be considered Jerome Powell's most significant speech of the year.
The Federal Reserve chairman's remarks to investors and economists will be the marque event at the Fed's annual symposium at Jackson Hole.
People will be looking for clues on where the Fed is heading on interest rates, mainly how big and for how long.
With inflation around 9%, Powell will likely stress that the Fed is determined to bring it down to its 2% target, no matter what it takes.
The Fed's rate hikes may well defeat inflation in time. But there are fears that they may cause a recession in the process.
The conference of central bankers is the first held in person since 2019 after being virtual during the COVID-19 pandemic.
To battle inflation, the Fed has lifted its benchmark rate by 2 full percentage points in just four meetings, to a range of 2.25% to 2.5%.
Those hikes have raised the cost of mortgages, car loans and other consumer and business borrowing.
Where does the Fed go from here? At a news conference following its July meeting, Powell suggested that the Fed might decide to slow its rate hikes after having imposed two straight three-quarter-point increases — historically large moves — in June and July.
Fed-watchers hope Powell will send some signal Friday on what are the next steps.
This week's data adds to the puzzle. On Thursday, the government said the economy shrank at a 0.6% annual rate, marking a second straight quarter of contraction.
But hiring remains high and layoffs are relatively low.
Inflation is still crushingly high, though it has shown some signs of easing, because of lower gas prices.
On Friday, Powell may also address how the pandemic caused a range of supply problems for the economy and what it could mean for Fed policy. COVID-19 shutdowns led to shortages of semiconductors and other components as well as workers. Many of those supply shortages persist.
The Associated Press contributed to this report.