September Fed Rate Hike Odds Climb to 55% After Warsh's Jackson Hole Speech

After Fed Chair Kevin Warsh's August 28 Jackson Hole keynote, markets lifted September hike odds from ~40% to ~55%, per Reuters. The federal funds rate sits at 3.50%–3.75%. Equities closed lower. Warsh wants to read inflation's "direction of travel" — meaning incoming data will be judged on trajectory, not just level.