Federal Reserve Chairman Kevin Warsh's disdain for signaling anything about the monetary policy outlook appeared to have tempered a bit on Friday in the face of a bond market clamoring for his thoughts on high inflation and what he might do about it. Warsh, in his debut speech to the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, communicated just enough for financial markets to shift toward expecting an interest rate hike next month, in what observers saw as something of a welcome return to traditional Fed practice.
"Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed," he told the audience of global central bankers. "Otherwise, we have work to do."
