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Jackson Hole matters less for the tone of Kevin Warsh’s first major speech as Fed chair than for whether he connects inflation, employment and growth to actual policy choices. After July’s 9-3 vote to hold, with three officials favoring a hike, ambiguity is becoming a market variable in its own right. Confidence, PCE, revised Q2 GDP and durable-goods data may test both inflation and demand. My read: a clear data-to-policy framework could move September hike odds, the dollar, Treasuries and risk assets more durably than a single hawkish or dovish phrase. Not advice, just analysis. #WarshAtJacksonHole