Global markets are awaiting Federal Reserve Chairman Kevin Warsh’s speech at 5:00 PM Turkish time at the annual Jackson Hole Economic Policy Symposium in Wyoming, his first attendance at the meeting as Fed chairman. Officials have offered conflicting assessments of U.S. inflation and the need for further interest-rate increases, adding uncertainty over the Federal Reserve’s policy direction. A hawkish message emphasizing persistent inflation, insufficiently restrictive rates or the need for more progress before cuts could lift the dollar and U.S. bond yields while pressuring Bitcoin and gold. A dovish message pointing to easing inflation, sufficiently restrictive rates or the delayed effects of policy could revive expectations for a September rate cut, weaken the dollar and bond yields, and support Bitcoin and gold. Chicago Fed President Austan Goolsbee said inflation remains the biggest short-term risk and that cuts require convincing evidence of a move toward the Fed’s 2% target. Kansas City Fed President Jeffrey Schmid called inflation stubborn and persistent and said the Fed’s 3.50%-3.75% policy-rate range from July did not appear restrictive. Cleveland Fed President Beth Hammack said inflation has stayed above target for more than five years and that now is the time to act. Hammack was one of three officials at last month’s FOMC meeting who preferred a rate hike to a cut.