Fed Chair Kevin Warsh’s August 27–29 Jackson Hole address occurs against a backdrop of elevated inflation above the 2% target, a federal funds rate held at 3.5–3.75%, and his self-described “regime change” at the Fed. Recent communications have stripped forward guidance from FOMC statements, emphasized “no tolerance” for persistently high inflation, and signaled that policy will not be constrained by market pricing, while avoiding near-term rate signals. Traders are focused on whether Warsh will outline a revised monetary framework, revisit average inflation targeting, or address structural factors such as financial innovation and productivity gains from AI. The speech follows July data showing mixed inflation trends and a divided committee on the rate path, heightening sensitivity to any shift in tone on price stability or communication policy.