The Fed’s default had been to hold unless the data argued for a hike. After Warsh’s Jackson Hole speech, several former central bankers think he flipped the script: the data will have to give the Fed a reason not to move next month. If data and developments do not give an out, this would leave a choice between a hold that revives July’s bond-market queasiness and a hike that cuts against what the president who appointed Warsh wants, weeks before the midterms. https://www.wsj.com/economy/central-banking/warsh-makes-the-case-for-higher-rates-and-raises-the-bar-for-standing-pat-3cc1b306?st=RbtiV8&reflink=desktopwebshare_permalink(Nick Timiraos)