Evening Wrap: US Today

Fed Chair Kevin Warsh used his debut Jackson Hole speech to slam the brakes on rate-cut hopes, declaring that 65 months of elevated inflation "sits squarely with the central bank" and warning the Fed "has work to do." The speech sent September rate-hike odds soaring from roughly 35% to 57% within hours — effectively turning the next Fed meeting into a coin flip.

Watch List

• September FOMC Decision (Sept. 16): CME FedWatch now prices a 56% chance of a...