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Fed has a lesson plan, but traders just want facts

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The week we've been waiting for all summer

Markets are more likely to get a schooling on the labor market than a road map for rate hikes when the Fed meets in Jackson Hole in the week ahead.

The annual Fed symposium is a highlight of the summer, and has been widely anticipated as an event where Fed Chair Janet Yellen may disclose some hints about the process to normalize rates when she speaks Friday.

Read MoreNo Fed fireworks, but clues expected at Jackson Hole

The symposium is titled, "Reevaluating Labor Market Dynamics," and Fed watchers expect to hear more about the ongoing debate within the Fed on labor slack. They also say Jackson Hole may have a limited impact on markets and the release of Fed minutes two daysearlier may be even more market moving if there is any discussion of operations the Fed might use after its quantitative easing program ends.