Kevin Warsh was uncharacteristically loose-lipped in his keynote address at the 2026 Jackson Hole Economic Policy Symposium, unequivocally indicating that he would be prepared to tighten policy if underlying inflation trends did not improve. In the same week that PCE inflation surprised to the upside in July, we come away more confident that the Fed will hike interest rates by year-end, and investors seem to agree.
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