Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.

Hedge funds bought U.S. stocks at the fastest pace in seven weeks during the week to August 15, in anticipation of a long awaited interest rate cut expected from the Federal Reserve in September, according to a Goldman Sachs client note.

One of this week's big events is Federal Reserve Chair Jerome Powell's speech at the central bank's annual symposium in Jackson Hole, Wyo., on Friday, and he may turn out to be less inclined to cut interest rates than many think.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.

The dollar gained on Monday as U.S. President Donald Trump prepared to host talks on ending Russia's war in Ukraine, and traders pared bets on a September rate cut before a speech on Friday by Federal Reserve Chair Jerome Powell.

With the Fed expected to change course soon, now’s the time to put your cash in a top-paying account and capture strong returns before they start to slip.