Kevin Warsh’s August 28 Jackson Hole keynote occurs amid sticky inflation, with July CPI at +0.1% month-over-month and 3.4% year-over-year while core measures hover near 2.4% and recent nowcasts show headline readings around 3.3–3.7%. As the new Fed Chair, Warsh has signaled a policy “regime change,” stressing that the Fed is “not constrained by market prices” and prioritizing long-term structural questions over near-term rate signals ahead of the September 15–16 FOMC meeting. Fed funds futures currently price a roughly 70% probability of holding the 3.5–3.75% target range, with smaller odds on a 25-basis-point hike or cut. Traders will parse his remarks for any shift in communication strategy, data framework reforms, or inflation outlook that could alter implied rate paths and Treasury yield expectations.