Fed Chair Kevin Warsh faces intense scrutiny at the September FOMC press conference following the two-day policy meeting, with markets assigning roughly 90% odds of a 25-basis-point rate hike to 3.75-4% amid August CPI at 3.4% year-over-year and oil above $100 per barrel. Recent Jackson Hole remarks stressed that underlying inflation must return to the 2% target “clearly and at sufficient speed,” while criticizing heavy reliance on forward guidance and highlighting the Fed’s readiness to act. Traders will focus on whether Warsh provides a clearer reaction function than his July communications, which triggered bond-market volatility, and how he balances market-implied tightening expectations against administration pressure for lower rates. The 10-year Treasury yield near 5% underscores the stakes for credibility.