Federal Reserve Chairman Kevin Warsh delivered his first major speech at the Jackson Hole Economic Symposium, offering substantive comments on monetary policy. While he stopped short of explicitly endorsing a rate increase next month, traders responded by raising the odds of a hike to around 60%, up from 35%. Warsh's remarks were the most detailed since he took over this spring, signaling a more hawkish stance.

The market reaction suggests investors expect tighter policy ahead. For more details, see Nick Timiraos' analysis of Warsh's address.