Fed's Warsh Signals Rate Hikes May Resume as Inflation Holds at 3.4%

In his first Jackson Hole speech, Federal Reserve Chairman Kevin Warsh warned the central bank may not be finished raising rates. With inflation at 3.4% versus the Fed's 2% target, Warsh said policymakers "have work to do" unless they are confident prices are easing. Market rate-hike expectations rose immediately. The Fed's next decision is September 15–16.