Kevin Warsh Jackson Hole speech: Where to watch, timings and what to expect from Fed chief’s address?

The Federal Reserve’s chairman, Kevin Warsh, is set to deliver his closely watched keynote speech in Jackson Hole on Friday, with investors keen to see whether he offers any clarity on major economic and monetary policy issues.

Warsh will address the Fed’s annual symposium in Wyoming, which this year is centred on the theme “Financial Innovation: Implications for Payments and Policy.”

In the past, Fed chairs have used the Jackson Hole speech to go beyond the event’s central theme and outline their broader views on monetary policy, including their outlook for interest rates and the direction they intend to take.

Warsh, however, has taken a different approach since assuming the role in May after being appointed by US President Donald Trump, consistently choosing to keep his public comments limited. He has avoided signalling where interest rates could be headed in the US and has also largely withheld his assessment of the economic outlook, including how the Fed should respond to rising inflation and other economic challenges.

Kevin Warsh speech today time

Kevin Warsh is scheduled to deliver his keynote address at the Jackson Hole Economic Policy Symposium today at 10:00 AM EDT.

Where to watch?

You can watch the speech live through the Federal Reserve Board Calendar website by clicking directly the "Watch Live" link.

What to expect?

Warsh has faced growing criticism for not clearly explaining his “reaction function” — the economic conditions that would prompt the Federal Reserve to raise or lower interest rates. Investors view his Friday speech as a key opportunity to provide greater clarity, according to CNBC. Markets currently put the odds of a rate hike at the Fed’s September 15-16 meeting at around 34%.

Warsh became Fed chair in May and has so far overseen only one FOMC meeting, where policymakers left the federal funds rate unchanged at 3.5%-3.75%. Since taking charge, he has avoided offering forward guidance or outlining the circumstances that would influence his rate decisions, leaving investors to interpret economic data and assess the likely policy direction themselves.

The importance of Warsh’s Friday address has increased as bond yields have climbed since his July press conference. During the same period, Treasury Secretary Scott Bessent announced plans to increase the Treasury Department’s weekly debt-buyback programme to at least double its usual size from September 9, reported CNBC. According to Axios, the move has added another layer of complexity to Warsh’s policy stance.

"We're in a unique set of conditions here, where actions by the Treasury have undermined Warsh's move. Therefore, the Fed chair is in between a rock and a hard place," as per Joseph Brusuelas, chief economist at RSM.

Economists remain split over what Warsh is likely to communicate. Luke Tilley, chief economist at M&T Bank and Wilmington Trust Investment Advisors, expects Warsh to offer a broad overview of the work being undertaken by the task forces, while avoiding detailed comments on the current economic outlook or the future path of interest rates.

Jan Groen, chief US economist at Societe Generale, does not anticipate Warsh providing any signals on interest rates. As per CNN, he warned that markets could respond negatively if the speech fails to offer such guidance.