Credit Agricole CIB Research previews Fed Warsh speech at Jackson Hole on Froday.

"While a number of papers on the central topic will be presented on Friday and Saturday, markets will be primarily focused on the keynote speech from Chair Kevin Warsh. This will take place on Friday 28 August at 10:00 EDT, the typical timeslot for the Chair’s speech," CACIB notes.

"Warsh has made his disdain for guidance clear, and despite criticism of his July press conference, we do not think he will change tack. Instead, Warsh may choose to focus on big picture questions, laying out a case for why the five task forces he announced at the beginning of his tenure are important. This could involve an early peek into the ideas that have come out of the task forces so far, though we do not expect the final recommendations to be available until closer to the end of the year. This timing could in theory give Warsh cover to push for rates to remain on hold until the task forces have finished their work, though we do not think this will be the definitive factor behind the Fed’s upcoming decisions," CACIB adds.