Federal Reserve Chairman Kevin Warsh is set to address the Kansas City Fed’s annual conference in Jackson Hole, Wyo., on Friday as investors and colleagues await his assessment of persistent inflation. The central question is whether price pressures reflect one-off shocks, including tariffs and a war, or an economy running too hot—an interpretation that could determine whether interest rates rise. The debate has divided Warsh’s colleagues: three officials voted last month to raise rates, while others have indicated they may support such a move. Warsh has not stated his position under a new policy of communicating less. University of Chicago economist Anil Kashyap said investors expect Warsh to make an argument and that it may be difficult for him to carry the committee until he does.