Kevin Warsh’s August 28 keynote at the Jackson Hole symposium arrives amid sticky inflation above the Fed’s 2% target and elevated long-term Treasury yields reflecting fiscal and price pressures. As the new chair following limited forward guidance after the July FOMC meeting, Warsh faces pressure to signal how policy will address persistent price pressures while markets price roughly a 45% chance of a September hike from the current 3.50–3.75% fed funds range. Analysts expect a neutral, framework-focused address on Fed reforms, communications changes, and structural themes such as productivity rather than explicit rate signals, given ongoing internal task forces and a divided Committee. Recent cooler July data have tempered near-term hike odds, but any perceived hawkish emphasis on inflation credibility or dovish avoidance could shift rate expectations and Treasury yields sharply.