The stakes for Kevin Warsh's debut keynote at the Fed's annual economic jamboree in Jackson Hole are higher than just a few weeks ago. His July press conference raised questions about how he plans to follow through on his pledge to deliver disinflation. An unexpected and off-cycle change in Treasury debt-management designed to prevent an AI-related borrowing binge from pushing up term premiums raised more questions about the emerging fiscal-monetary regime. Warsh's speech will have two important audiences: The markets, and his own colleagues, who are looking for a sense of what regime change means for the overarching question facing the Fed: Is inflation high because of one-off shocks such as tariffs and a war, or because the economy is simply running too hot? A growing minority of Warsh's colleagues say policy is no longer tight enough for the Fed to credibly claim that it has a plan to squeeze out the last percentage point on inflation.(Nick Timiraos)