Fed Chair Kevin Warsh leaned on price stability as the central obligation in his first Jackson Hole keynote, a framing markets read as hawkish from a chairman who had gone two meetings without defining what would move him in either direction. He spoke with core PCE running at 3.7% year over year, the sixth consecutive year above the Fed's 2% target, the 30-year Treasury yield near a 19-year high, and the economy having shed 23,000 jobs last month. Bank of America had told clients to expect exactly this, writing that Warsh would signal readiness to raise rates again if inflation did not keep moderating, while Standard Chartered argued he needed to state plainly that the committee would hike if core PCE failed to move steadily lower. Bitcoin was trading near $79,200 into the remarks after stalling below the $80,000 to $82,000 resistance shelf.