Kevin Warsh, confirmed as Federal Reserve Chair in May 2026, has adopted an increasingly hawkish stance on inflation, most recently in his August 28 Jackson Hole speech stressing that underlying PCE inflation remains elevated at 3.3% year-over-year in July with six-month gains above 4%, and warning the Fed has “work to do” to reach its 2% target. Markets have responded by pricing in roughly even odds of a 25-basis-point federal funds rate hike at the September 15-16 FOMC meeting, with futures showing a 57% probability following his remarks. The September 11 CPI release represents the key near-term data point that could shape his messaging on rate path, forward guidance, and balance-sheet policy. Traders are focused on whether Warsh signals tolerance for further tightening or reiterates his preference for reduced forward guidance while reaffirming price stability.