U.S. stock futures and Treasury yields were little changed in early European trade Monday as markets assessed Federal Reserve Chairman Kevin Warsh’s Jackson Hole remarks and the outlook for interest rates. Investors are weighing the Fed’s rate-setting path after Warsh said inflation remained too high and that better readings this summer hadn’t convinced him that underlying trends had meaningfully improved. He said the Fed must be confident that underlying inflation is moving toward its 2% objective clearly and at sufficient speed.

Market pricing now implies about a 60% chance of a Fed rate increase in September, analysts at Capital Economics said. The further pricing-in of near-term rate increases has pushed up short-dated Treasury yields, Capital Economics noted. The consultancy expects the Fed ultimately to tighten policy more than once, citing continued strength in the U.S. economy.

Broader market moves were limited. Futures for the S&P 500 and Dow Jones Industrial Average each slipped 0.2%. Nasdaq-100 futures were flat.

Yields on 10-year Treasurys edged up 0.1 basis point to 4.718%. Gold contracts fell 1.2% and the dollar was little moved. Brent crude gained 2.9% to $90.65 a barrel as renewed Middle East hostilities boosted concerns over supply disruptions.

Asian and European equities were mixed. Bitcoin hovered around $78,000.