"We Have Work to Do": Fed Chair Kevin Warsh Expresses Concern Over Inflation in Closely Watched Jackson Hole Speech

Fed Chair Kevin Warsh delivered a hawkish Jackson Hole speech, expressing concerns that underlying inflation has not meaningfully improved despite recent softer inflation reports. Warsh stated the Fed must be confident inflation is moving toward its 2% target at sufficient speed, otherwise "we have work to do." His comments immediately increased market expectations for a September rate hike from 35.5% to 57.5%, signaling potential monetary tightening ahead.