Fed Chair Warsh sounded more hawkish than expected in his Jackson Hole speech, especially on inflation management. Although there is theoretically policy space for a 25-50 bps hike by Jan '27, given the geopolitical reality on the ground, Warsh may wait for the Nov '26 midterm election and the Iran war trajectory before taking any policy/rate action. Warsh may advocate no more official QTR Fed SEPs/dot-plots as per his zero forward guidance stance from 2027. FOMC meetings may also be reduced to 6-4 from the existing 8 to avoid too much focus on Fed talks/guidance; the Fed will not spoon-feed the market. On Friday, August 28, 2026, all focus of the market was on Fed Chair Warsh’s comments at the Jackson Hole symposium. Traditionally, almost all recent Fed chairs used the August Jackson Hole symposium speech & comments (Q&A) as an important event to indicate any significant policy change/actions for September-December. The market was already expecting tough talk by inflat...