Kevin Warsh’s upcoming keynote at the August 28 Jackson Hole symposium marks his first major address as Federal Reserve Chair since taking office in May 2026. Markets are focused on how he will frame the central bank’s response to persistent inflation pressures amid a still-resilient labor market and elevated Treasury yields. Warsh has signaled the remarks will emphasize longer-term structural issues around financial innovation and monetary policy rather than near-term rate guidance, consistent with his restrained communications approach that has reduced forward-looking signals compared with prior chairs. Traders are watching for any clarification on the Fed’s inflation reaction function and communications framework, which could influence rate-cut expectations priced into futures and broader risk assets ahead of the September FOMC meeting.