Odds of a September Fed Rate Hike Jump to 55% After Warsh's Jackson Hole Speech

After Fed Chair Kevin Warsh's August 28 Jackson Hole keynote, markets raised the odds of a September rate hike from roughly 40% to about 55%, per Reuters. The federal funds rate sits at 3.50%–3.75%. Wall Street equities closed lower. Warsh said the Fed wants to understand inflation's "direction of travel," signaling incoming data will be read for trajectory, not just level.