The eyes of Tokyo, Hong Kong, London, New York and other financial centers across the world will turn to Jackson Hole on Friday in anticipation of a speech by Federal Reserve Chairman Benjamin Bernanke.

Financial pundits speculate that Bernanke may announce an interest rate cut.

In a letter to New York Sen. Charles Schumer, Bernanke said the Fed was “prepared to act as needed” to steady the market.

The Fed, although it has not yet indicated that it will indeed lower the benchmark fed funds rate, has been adding cash to the banking system in an attempt to keep the credit markets liquid. The Federal Reserve Bank of New York said Wednesday it would inject $5.25 billion through a one-day repurchase agreement, in which it buys that amount in collateral from dealers who then deposit the money into commercial banks.

Wall Street has tumbled and rebounded erratically throughout the past weeks as investors have waited to see how the Federal Reserve reacts to the latest economic data and spreading failure of the subprime mortgage market.

Bernanke will give his speech Friday morning at Jackson Lake Lodge.

The Federal Reserve has held a fall symposium for central bankers and academics for the past 31 years, 26 of which have been in Jackson, said Diane Raley, spokeswoman for the Kansas City, Mo., branch of the bank.

The invitation-only event begins Friday with Bernanke’s speech and ends Saturday. Raley said it is bank policy not to release an agenda or discuss the symposium before the event.