Goldman Sachs previews Fed Warsh's speech at Jackson Hole on Friday.

"We expect Warsh to reiterate his commitment to the 2% inflation target, expand on the rationale behind his approach to Fed communication, and offer thoughts on some bigger picture topics such as productivity growth or shocks to the global economy that he alluded to at his last press conference," GS notes.

"He is likely to acknowledge the better recent inflation news but is unlikely to provide policy guidance. The theme of this year's symposium is "Financial Innovation: Implications for Payments and Policy." A full schedule will be posted on Thursday night. The papers are likely to discuss topics such as stablecoins and should have little immediate relevance to monetary policy decisions," GS adds.